Benchmark Reiterates “Buy” Rating for Formula One Group (NASDAQ:FWONA)

Formula One Group (NASDAQ:FWONAGet Free Report)‘s stock had its “buy” rating reissued by analysts at Benchmark in a report issued on Wednesday, Benzinga reports. They presently have a $77.00 target price on the stock. Benchmark’s price objective would suggest a potential upside of 18.46% from the company’s current price.

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

Get Our Latest Stock Report on FWONA

Formula One Group Trading Down 1.3 %

Shares of FWONA opened at $65.00 on Wednesday. The firm has a market cap of $15.28 billion and a PE ratio of 47.45. The firm has a fifty day simple moving average of $61.59 and a two-hundred day simple moving average of $60.19. Formula One Group has a 1-year low of $55.08 and a 1-year high of $69.48.

Formula One Group (NASDAQ:FWONAGet Free Report) last announced its earnings results on Wednesday, February 28th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.39). The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.23 billion. As a group, research analysts forecast that Formula One Group will post 1.47 EPS for the current fiscal year.

Insider Activity at Formula One Group

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

Hedge Funds Weigh In On Formula One Group

A hedge fund recently raised its stake in Formula One Group stock. Janney Montgomery Scott LLC increased its holdings in shares of Formula One Group (NASDAQ:FWONAFree Report) by 3.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,789 shares of the company’s stock after purchasing an additional 481 shares during the period. Janney Montgomery Scott LLC’s holdings in Formula One Group were worth $723,000 as of its most recent SEC filing. 8.38% of the stock is currently owned by hedge funds and other institutional investors.

About Formula One Group

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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.

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