Formula One Group (NASDAQ:FWONA) Earns “Buy” Rating from Benchmark

Benchmark reissued their buy rating on shares of Formula One Group (NASDAQ:FWONA) in a research note published on Wednesday, Benzinga reports. The firm currently has a $77.00 price objective on the stock.

Separately, Deutsche Bank Aktiengesellschaft reiterated a hold rating and issued a $73.00 price objective on shares of Formula One Group in a report on Tuesday, April 2nd.

Formula One Group Price Performance

Formula One Group stock opened at $65.69 on Wednesday. The company’s 50 day simple moving average is $61.69 and its 200 day simple moving average is $60.24. The firm has a market capitalization of $15.44 billion and a price-to-earnings ratio of 47.95. Formula One Group has a fifty-two week low of $55.08 and a fifty-two week high of $69.48.

Formula One Group (NASDAQ:FWONA) last posted its earnings results on Wednesday, February 28th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.39). The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.23 billion. As a group, analysts predict that Formula One Group will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc purchased 234,194 shares of Formula One Group stock in a transaction that occurred on Monday, March 4th. The shares were acquired at an average price of $28.77 per share, for a total transaction of $6,737,761.38. Following the transaction, the insider now owns 48,733,666 shares of the company’s stock, valued at approximately $1,402,067,570.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman John C. Malone sold 139,065 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $68.98, for a total transaction of $9,592,703.70. Following the completion of the transaction, the chairman now directly owns 2,401,365 shares in the company, valued at approximately $165,646,157.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc acquired 234,194 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was bought at an average cost of $28.77 per share, with a total value of $6,737,761.38. Following the purchase, the insider now owns 48,733,666 shares in the company, valued at $1,402,067,570.82. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 6,457,501 shares of company stock worth $179,148,132 and have sold 229,103 shares worth $15,940,449. 4.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Formula One Group

An institutional investor recently raised its position in Formula One Group stock. Kornitzer Capital Management Inc. KS grew its position in shares of Formula One Group (NASDAQ:FWONA) by 38.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,829 shares of the company’s stock after purchasing an additional 8,500 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Formula One Group were worth $1,787,000 as of its most recent SEC filing. 8.38% of the stock is owned by institutional investors and hedge funds.

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.