Formula One Group (NASDAQ:FWONK) Major Shareholder Berkshire Hathaway Inc Buys 333,916 Shares

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc acquired 333,916 shares of the stock in a transaction dated Thursday, March 21st. The stock was acquired at an average cost of $28.92 per share, with a total value of $9,656,850.72. Following the completion of the transaction, the insider now owns 56,944,193 shares in the company, valued at approximately $1,646,826,061.56. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% 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 Monday, March 25th, Berkshire Hathaway Inc bought 199,664 shares of Formula One Group stock. The stock was purchased at an average cost of $28.82 per share, with a total value of $5,754,316.48.
• On Monday, March 11th, Berkshire Hathaway Inc bought 20,609 shares of Formula One Group stock. The stock was purchased at an average cost of $29.94 per share, with a total value of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc bought 521,804 shares of Formula One Group stock. The stock was purchased at an average cost of $29.86 per share, with a total value of $15,581,067.44.
• On Wednesday, March 6th, Berkshire Hathaway Inc bought 1,188,000 shares of Formula One Group stock. The stock was purchased 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, with a total value of $6,737,761.38.
• On Thursday, February 1st, Berkshire Hathaway Inc bought 175,827 shares of Formula One Group stock. The stock was purchased at an average cost of $30.70 per share, with a total value of $5,397,888.90.
• On Tuesday, January 30th, Berkshire Hathaway Inc purchased 495,739 shares of Formula One Group stock. The shares were bought at an average price of $30.12 per share, with a total value of $14,931,658.68.
• On Thursday, January 25th, Berkshire Hathaway Inc purchased 139,132 shares of Formula One Group stock. The shares were bought at an average price of $30.99 per share, with a total value of $4,311,700.68.
• On Tuesday, January 23rd, Berkshire Hathaway Inc purchased 650,224 shares of Formula One Group stock. The shares were bought at an average price of $30.96 per share, with a total value of $20,130,935.04.
• On Tuesday, January 16th, Berkshire Hathaway Inc purchased 543,977 shares of Formula One Group stock. The shares were bought at an average price of $30.43 per share, with a total value of $16,553,220.11.

Formula One Group Stock Performance

Shares of NASDAQ FWONK opened at $66.95 on Thursday. Formula One Group has a twelve month low of $60.95 and a twelve month high of $78.58. The stock’s 50 day moving average price is $68.21 and its 200-day moving average price is $66.08.

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

Hedge Funds Weigh In On Formula One Group

Institutional investors have recently bought and sold shares of the company. Greenwood Gearhart Inc. lifted its stake in Formula One Group by 6.1% in 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 during the last quarter. Norman Fields Gottscho Capital Management LLC lifted its stake in Formula One Group by 7.0% in 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 during the last quarter. Bessemer Group Inc. raised its holdings in Formula One Group by 46.6% during the 2nd quarter. Bessemer Group Inc. now owns 8,070 shares of the company’s stock valued at $607,000 after acquiring an additional 2,565 shares during the period. Covestor Ltd raised its holdings in Formula One Group by 299.4% during the 2nd quarter. Covestor Ltd now owns 691 shares of the company’s stock valued at $52,000 after acquiring an additional 518 shares during the period. Finally, Natixis Advisors L.P. raised its holdings 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 acquiring an additional 6,014 shares during the period. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Morgan Stanley downgraded Formula One Group from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $80.00 to $70.00 in a research note on Monday, December 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $82.67.

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.