Berkshire Hathaway Inc Buys 413,227 Shares of Formula One Group (NASDAQ:FWONK) Stock

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc acquired 413,227 shares of the business’s stock in a transaction dated Friday, April 12th. The stock was purchased at an average price of $25.58 per share, with a total value of $10,570,346.66. Following the completion of the transaction, the insider now directly owns 69,044,244 shares of the company’s stock, valued at approximately $1,766,151,761.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Wednesday, April 10th, Berkshire Hathaway Inc purchased 513,104 shares of Formula One Group stock. The stock was purchased at an average cost of $25.96 per share, for a total transaction of $13,320,179.84.
• On Monday, April 8th, Berkshire Hathaway Inc purchased 938,896 shares of Formula One Group stock. The stock was acquired at an average cost of $26.98 per share, for a total transaction of $25,331,414.08.
• On Thursday, April 4th, Berkshire Hathaway Inc acquired 1,250,000 shares of Formula One Group stock. The stock was bought at an average price of $27.76 per share, for a total transaction of $34,700,000.00.
• On Wednesday, March 27th, Berkshire Hathaway Inc purchased 189,759 shares of Formula One Group stock. The stock was bought at an average cost of $29.25 per share, with a total value of $5,550,450.75.
• On Monday, March 25th, Berkshire Hathaway Inc bought 199,664 shares of Formula One Group stock. The stock was bought at an average price of $28.82 per share, with a total value of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc purchased 333,916 shares of Formula One Group stock. The shares were acquired at an average price of $28.92 per share, for a total transaction of $9,656,850.72.
• On Monday, March 11th, Berkshire Hathaway Inc bought 20,609 shares of Formula One Group stock. The shares were acquired at an average cost of $29.94 per share, for a total transaction of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc purchased 521,804 shares of Formula One Group stock. The stock was bought at an average cost of $29.86 per share, for a total transaction of $15,581,067.44.
• On Wednesday, March 6th, Berkshire Hathaway Inc acquired 1,188,000 shares of Formula One Group stock. The shares were bought at an average cost of $29.39 per share, with a total value of $34,915,320.00.
• On Monday, March 4th, Berkshire Hathaway Inc bought 234,194 shares of Formula One Group stock. The stock was purchased at an average cost of $28.77 per share, for a total transaction of $6,737,761.38.

Formula One Group Price Performance

Shares of NASDAQ:FWONK opened at $67.23 on Friday. Formula One Group has a 52-week low of $60.95 and a 52-week high of $78.58. The stock has a 50 day moving average price of $68.33 and a 200-day moving average price of $66.19.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.06). The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.25 billion. On average, equities analysts anticipate that Formula One Group will post 0.94 earnings per share for the current fiscal year.

Institutional Trading of Formula One Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Greenwood Gearhart Inc. raised its stake in Formula One Group by 6.1% during the third quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company’s stock valued at $10,848,000 after buying an additional 9,992 shares during the last quarter. Norman Fields Gottscho Capital Management LLC increased its holdings in shares of Formula One Group by 7.0% during the fourth quarter. Norman Fields Gottscho Capital Management LLC now owns 107,922 shares of the company’s stock valued at $6,813,000 after acquiring an additional 7,037 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Formula One Group by 16.1% in the 3rd quarter. California State Teachers Retirement System now owns 283,417 shares of the company’s stock worth $16,580,000 after purchasing an additional 39,355 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in Formula One Group by 643.6% in the 1st quarter. Neuberger Berman Group LLC now owns 144,189 shares of the company’s stock worth $10,094,000 after purchasing an additional 124,798 shares in the last quarter. Finally, Natixis Advisors L.P. grew its position in Formula One Group by 31.4% during the 2nd quarter. Natixis Advisors L.P. now owns 25,151 shares of the company’s stock valued at $1,596,000 after purchasing an additional 6,014 shares during the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Analyst Upgrades and Downgrades

FWONK has been the subject of several analyst reports. StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Morgan Stanley downgraded Formula One Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $80.00 to $70.00 in a report on Monday, December 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.67.

About Formula One Group

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.