Formula One Group (NASDAQ:FWONK) Shares Pass Above 50-Day Moving Average of $68.64

Formula One Group (NASDAQ:FWONK) shares crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $68.64 and traded as high as $69.61. Formula One Group shares last traded at $69.15, with a volume of 744,809 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th.

Formula One Group Stock Performance

The firm has a 50 day simple moving average of $68.64 and a 200 day simple moving average of $66.33.

Formula One Group (NASDAQ:FWONK) last issued 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 analyst estimates of $1.25 billion. As a group, equities research analysts anticipate that Formula One Group will post 0.96 earnings per share for the current year.

Insider Transactions at Formula One Group

In other news, major shareholder Berkshire Hathaway Inc purchased 413,227 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were purchased at an average cost of $25.58 per share, for a total transaction of $10,570,346.66. Following the purchase, the insider now directly owns 69,044,244 shares in the company, valued at approximately $1,766,151,761.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 6,474,739 shares of company stock worth $183,064,288 in the last ninety days.

Hedge Funds Weigh In On Formula One Group

Several institutional investors and hedge funds have recently bought and sold shares of FWONK. Janney Montgomery Scott LLC purchased a new position in Formula One Group during the fourth quarter valued at $1,167,000. Russell Investments Group Ltd. lifted its position in Formula One Group by 156.3% during the fourth quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock valued at $4,522,000 after purchasing an additional 43,675 shares in the last quarter. Norman Fields Gottscho Capital Management LLC lifted its position in 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 purchasing an additional 7,037 shares in the last quarter. Finally, Greenwood Gearhart Inc. lifted its position 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 purchasing an additional 9,992 shares in the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

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.