Formula One Group (NASDAQ:FWONK) Forecasted to Post Q1 2024 Earnings of $0.11 Per Share

Formula One Group (NASDAQ:FWONK) – Equities research analysts at Seaport Res Ptn increased their Q1 2024 earnings per share (EPS) estimates for shares of Formula One Group in a report issued on Monday, April 15th. Seaport Res Ptn analyst D. Joyce now anticipates that the company will earn $0.11 per share for the quarter, up from their previous forecast of $0.09. The consensus estimate for Formula One Group’s current full-year earnings is $0.96 per share. Seaport Res Ptn also issued estimates for Formula One Group’s Q2 2024 earnings at $0.33 EPS, Q4 2024 earnings at $0.39 EPS, FY2024 earnings at $1.15 EPS and FY2025 earnings at $1.46 EPS.

Separately, StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Formula One Group currently has an average rating of “Hold” and an average price target of $82.67.

Formula One Group Price Performance

Shares of FWONK stock opened at $67.21 on Wednesday. The stock has a 50-day moving average of $68.44 and a 200-day moving average of $66.31. Formula One Group has a 1-year low of $60.95 and a 1-year high of $78.58.

Formula One Group (NASDAQ:FWONK) last posted its earnings results on Wednesday, February 28th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.06). The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.25 billion.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc bought 139,132 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were bought at an average price of $30.99 per share, for a total transaction of $4,311,700.68. Following the completion of the acquisition, the insider now directly owns 47,471,419 shares of the company’s stock, valued at $1,471,139,274.81. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have purchased 7,264,095 shares of company stock worth $207,506,924 over the last 90 days. 4.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Formula One Group

Hedge funds have recently bought and sold shares of the business. Bessemer Group Inc. lifted its holdings in Formula One Group by 2,600.0% during the fourth quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock worth $105,000 after acquiring an additional 1,690 shares during the period. MetLife Investment Management LLC bought a new stake in shares of Formula One Group in the first quarter valued at $277,000. Brown Brothers Harriman & Co. raised its stake in shares of Formula One Group by 20.0% in the first quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock valued at $292,000 after buying an additional 696 shares during the period. Allstate Investment Management Co. bought a new stake in shares of Formula One Group in the fourth quarter valued at $385,000. Finally, Janney Montgomery Scott LLC bought a new stake in shares of Formula One Group in the fourth quarter valued at $1,167,000. 92.26% of the stock is currently owned by institutional investors.

Formula One Group Company Profile

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.