Formula One Group (NASDAQ:FWONK) Major Shareholder Berkshire Hathaway Inc Acquires 189,759 Shares

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc purchased 189,759 shares of Formula One Group stock in a transaction that occurred on Wednesday, March 27th. The stock was purchased at an average price of $29.25 per share, with a total value of $5,550,450.75. Following the completion of the purchase, the insider now directly owns 32,755,466 shares in the company, valued at $958,097,380.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own 10% or more 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 purchased 199,664 shares of Formula One Group stock. The stock was purchased at an average price of $28.82 per share, with a total value of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc purchased 333,916 shares of Formula One Group stock. The stock was purchased at an average price of $28.92 per share, with a total value of $9,656,850.72.
• On Monday, March 11th, Berkshire Hathaway Inc purchased 20,609 shares of Formula One Group stock. The stock was purchased at an average price 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 shares were bought at an average price 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 shares were bought at an average price 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 shares were bought at an average price 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 shares were bought at an average price of $30.70 per share, with a total value of $5,397,888.90.
• On Tuesday, January 30th, Berkshire Hathaway Inc bought 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 bought 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 acquired 650,224 shares of Formula One Group stock. The shares were acquired at an average price of $30.96 per share, with a total value of $20,130,935.04.

Formula One Group Price Performance

FWONK traded down $1.35 on Thursday, reaching $65.60. The stock had a trading volume of 2,029,826 shares, compared to its average volume of 1,097,225. Formula One Group has a fifty-two week low of $60.95 and a fifty-two week high of $78.58. The firm has a 50-day moving average of $68.26 and a 200-day moving average of $66.07.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results 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 firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.25 billion. Analysts anticipate that Formula One Group will post 0.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Formula One Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. 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 valued at $292,000 after buying an additional 696 shares during the period. Bessemer Group Inc. boosted its position in shares of Formula One Group by 2,600.0% during the 4th quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock valued at $105,000 after purchasing an additional 1,690 shares in the last quarter. Greenwood Gearhart Inc. boosted its position in shares of Formula One Group by 2.2% during the 4th quarter. Greenwood Gearhart Inc. now owns 155,687 shares of the company’s stock valued at $9,307,000 after purchasing an additional 3,340 shares in the last quarter. MetLife Investment Management LLC bought a new stake in shares of Formula One Group during the 1st quarter valued at about $277,000. Finally, Natixis Advisors L.P. boosted its position in shares of 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 purchasing an additional 6,014 shares in the last quarter. Institutional investors and hedge funds own 92.26% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on FWONK. Morgan Stanley downgraded Formula One Group from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $80.00 to $70.00 in a research report on Monday, December 18th. StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Formula One Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.67.

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.