Formula One Group (NASDAQ:FWONA) Sees Unusually-High Trading Volume

Formula One Group (NASDAQ:FWONA) shares saw unusually-high trading volume on Tuesday . Approximately 44,041 shares changed hands during trading, a decline of 54% from the previous session’s volume of 95,913 shares.The stock last traded at $64.14 and had previously closed at $63.26.

Analyst Upgrades and Downgrades

FWONA has been the topic of several recent research reports. Benchmark reaffirmed a “buy” rating and set a $77.00 target price on shares of Formula One Group in a research note on Wednesday, May 22nd. Deutsche Bank Aktiengesellschaft raised shares of Formula One Group from a “hold” rating to a “buy” rating and boosted their price target for the company from $73.00 to $83.00 in a research report on Thursday, May 30th.

Formula One Group Stock Up 0.7 %

The firm has a market cap of $15.30 billion and a price-to-earnings ratio of 47.53. The company’s 50-day moving average price is $64.94 and its 200-day moving average price is $61.82.

Formula One Group (NASDAQ:FWONA) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.21. The business had revenue of $550.00 million for the quarter, compared to analyst estimates of $591.77 million. On average, sell-side analysts predict that Formula One Group will post 1.47 earnings per share for the current fiscal year.

Insider Transactions at Formula One Group

In other news, major shareholder Berkshire Hathaway Inc bought 513,104 shares of Formula One Group stock in a transaction that occurred on Wednesday, April 10th. The shares were purchased at an average price of $25.96 per share, with a total value of $13,320,179.84. Following the completion of the acquisition, the insider now directly owns 68,423,017 shares in the company, valued at $1,776,261,521.32. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Formula One Group news, Chairman John C. Malone sold 139,065 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $68.98, for a total value of $9,592,703.70. Following the transaction, the chairman now directly owns 2,401,365 shares in the company, valued at $165,646,157.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc purchased 513,104 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was bought at an average price of $25.96 per share, for a total transaction of $13,320,179.84. Following the completion of the purchase, the insider now directly owns 68,423,017 shares of the company’s stock, valued at $1,776,261,521.32. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 2,519,555 shares of company stock valued at $65,635,332 and have sold 282,072 shares valued at $17,749,275.

Hedge Funds Weigh In On Formula One Group

An institutional investor recently raised its position in Formula One Group stock. Kornitzer Capital Management Inc. KS lifted its holdings in shares of Formula One Group (NASDAQ:FWONA) by 38.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,829 shares of the company’s stock after acquiring an additional 8,500 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Formula One Group were worth $1,787,000 at the end of the most recent reporting period. Institutional investors own 8.38% of the company’s stock.

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.