Formula One Group (NASDAQ:FWONK) Major Shareholder Berkshire Hathaway Inc Sells 52,911 Shares

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc sold 52,911 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $34.06, for a total transaction of $1,802,148.66. Following the transaction, the insider now directly owns 4,999,007 shares of the company’s stock, valued at approximately $170,266,178.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, April 29th, Berkshire Hathaway Inc bought 311,637 shares of Formula One Group stock. The shares were bought at an average cost of $25.47 per share, with a total value of $7,937,394.39.
• On Friday, April 26th, Berkshire Hathaway Inc purchased 219,303 shares of Formula One Group stock. The shares were acquired at an average cost of $24.46 per share, for a total transaction of $5,364,151.38.
• On Wednesday, April 24th, Berkshire Hathaway Inc bought 123,388 shares of Formula One Group stock. The stock was purchased at an average cost of $25.22 per share, for a total transaction of $3,111,845.36.
• On Friday, April 12th, Berkshire Hathaway Inc bought 413,227 shares of Formula One Group stock. The stock was purchased at an average cost of $25.58 per share, for a total transaction of $10,570,346.66.
• On Wednesday, April 10th, Berkshire Hathaway Inc acquired 513,104 shares of Formula One Group stock. The shares were bought 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 bought 938,896 shares of Formula One Group stock. The shares were acquired at an average price of $26.98 per share, for a total transaction of $25,331,414.08.
• On Thursday, April 4th, Berkshire Hathaway Inc bought 1,250,000 shares of Formula One Group stock. The shares were acquired 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 acquired 189,759 shares of Formula One Group stock. The stock was purchased at an average price of $29.25 per share, for a total transaction of $5,550,450.75.
• On Monday, March 25th, Berkshire Hathaway Inc acquired 199,664 shares of Formula One Group stock. The stock was purchased at an average price of $28.82 per share, for a total transaction of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc bought 333,916 shares of Formula One Group stock. The shares were bought at an average price of $28.92 per share, for a total transaction of $9,656,850.72.

Formula One Group Stock Performance

Shares of NASDAQ:FWONK opened at $72.67 on Tuesday. Formula One Group has a 1 year low of $60.95 and a 1 year high of $78.58. The stock has a market capitalization of $17.08 billion and a P/E ratio of 53.04. The stock has a 50-day simple moving average of $70.74 and a 200-day simple moving average of $67.80.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.21. The company had revenue of $550.00 million during the quarter, compared to analysts’ expectations of $591.77 million. Analysts predict that Formula One Group will post 1.2 earnings per share for the current year.

Hedge Funds Weigh In On Formula One Group

A number of institutional investors have recently made changes to their positions in FWONK. Russell Investments Group Ltd. raised its position in shares of Formula One Group by 156.3% in the 4th 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. Janney Montgomery Scott LLC acquired a new position in shares of Formula One Group in the 4th quarter valued at approximately $1,167,000. Greenwood Gearhart Inc. raised its position in shares of Formula One Group by 6.1% in the 3rd 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. Finally, Norman Fields Gottscho Capital Management LLC raised its position in shares of Formula One Group by 7.0% in the 4th 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. 92.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FWONK has been the subject of several research reports. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Evercore ISI boosted their target price on shares of Formula One Group from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, June 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $84.00.

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.