Formula One Group (NASDAQ:FWONK) Receives $82.67 Consensus PT from Brokerages

Formula One Group (NASDAQ:FWONK) has been assigned a consensus rating of “Moderate Buy” from the four brokerages that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $82.67.

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

Formula One Group Stock Performance

FWONK stock opened at $67.21 on Friday. The firm has a 50 day moving average of $68.44 and a 200-day moving average of $66.31. Formula One Group has a 12 month low of $60.95 and a 12 month high of $78.58.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Wednesday, February 28th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.06). The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.25 billion. On average, analysts anticipate that Formula One Group will post 0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Formula One Group news, major shareholder Berkshire Hathaway Inc purchased 413,227 shares of the firm’s stock in a transaction on Friday, April 12th. The shares were purchased at an average cost of $25.58 per share, with a total value of $10,570,346.66. Following the completion of the purchase, the insider now owns 69,044,244 shares of the company’s stock, valued at approximately $1,766,151,761.52. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have acquired 7,264,095 shares of company stock valued at $207,506,924. 4.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FWONK. Bessemer Group Inc. increased its stake in shares of Formula One Group by 2,600.0% in the fourth quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock worth $105,000 after buying an additional 1,690 shares during the period. MetLife Investment Management LLC purchased a new position in shares of Formula One Group in the first quarter worth $277,000. Brown Brothers Harriman & Co. increased its stake in shares of Formula One Group by 20.0% in the first quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock worth $292,000 after buying an additional 696 shares during the period. Allstate Investment Management Co. purchased a new position in shares of Formula One Group in the fourth quarter worth $385,000. Finally, Janney Montgomery Scott LLC purchased a new position in Formula One Group during the 4th quarter valued at $1,167,000. 92.26% of the stock is owned by hedge funds and other institutional investors.

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.