Formula One Group (NASDAQ:FWONK) Major Shareholder Berkshire Hathaway Inc Acquires 123,388 Shares of Stock

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc purchased 123,388 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The shares were bought at an average price of $25.22 per share, for a total transaction of $3,111,845.36. Following the completion of the transaction, the insider now owns 34,805,607 shares of the company’s stock, valued at $877,797,408.54. The acquisition was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Friday, April 26th, Berkshire Hathaway Inc purchased 219,303 shares of Formula One Group stock. The shares were bought at an average price of $24.46 per share, for a total transaction of $5,364,151.38.
• On Friday, April 12th, Berkshire Hathaway Inc purchased 413,227 shares of Formula One Group stock. The shares were bought at an average price of $25.58 per share, for a total transaction of $10,570,346.66.
• On Wednesday, April 10th, Berkshire Hathaway Inc purchased 513,104 shares of Formula One Group stock. The shares were bought at an average price of $25.96 per share, for a total transaction of $13,320,179.84.
• On Monday, April 8th, Berkshire Hathaway Inc purchased 938,896 shares of Formula One Group stock. The shares were bought 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 purchased 1,250,000 shares of Formula One Group stock. The shares were bought 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 purchased 189,759 shares of Formula One Group stock. The shares were bought 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 purchased 199,664 shares of Formula One Group stock. The shares were bought 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 purchased 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.
• On Monday, March 11th, Berkshire Hathaway Inc acquired 20,609 shares of Formula One Group stock. The stock was bought at an average price of $29.94 per share, for a total transaction of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc acquired 521,804 shares of Formula One Group stock. The stock was bought at an average price of $29.86 per share, for a total transaction of $15,581,067.44.

Formula One Group Stock Performance

FWONK stock opened at $69.43 on Friday. The company’s 50 day moving average is $68.65 and its 200 day moving average is $66.34. 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 quarterly earnings data on Wednesday, February 28th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.06). The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.25 billion. Research analysts forecast that Formula One Group will post 0.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of FWONK. Russell Investments Group Ltd. grew 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 acquiring an additional 43,675 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in Formula One Group during the fourth quarter valued at approximately $1,167,000. Greenwood Gearhart Inc. grew 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 acquiring an additional 9,992 shares during the last quarter. Finally, Norman Fields Gottscho Capital Management LLC grew 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 acquiring an additional 7,037 shares during the last quarter. 92.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

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.