Formula One Group to Post FY2023 Earnings of $1.13 Per Share, Seaport Res Ptn Forecasts (NASDAQ:FWONA)

Formula One Group (NASDAQ:FWONA) – Stock analysts at Seaport Res Ptn upped their FY2023 earnings estimates for shares of Formula One Group in a research report issued to clients and investors on Monday, November 6th. Seaport Res Ptn analyst D. Joyce now anticipates that the company will earn $1.13 per share for the year, up from their previous estimate of $0.62. The consensus estimate for Formula One Group’s current full-year earnings is $0.62 per share. Seaport Res Ptn also issued estimates for Formula One Group’s Q4 2023 earnings at $0.64 EPS.

FWONA has been the subject of a number of other reports. Benchmark reiterated a “buy” rating and set a $77.00 price target on shares of Formula One Group in a report on Tuesday, August 8th. Citigroup raised shares of Formula One Group from a “neutral” rating to a “buy” rating and set a $71.00 price objective for the company in a research report on Friday, October 6th.

Formula One Group Trading Up 0.3 %

Shares of FWONA opened at $58.35 on Thursday. Formula One Group has a one year low of $55.08 and a one year high of $69.48. The company’s fifty day moving average price is $59.20 and its 200 day moving average price is $62.86.

Hedge Funds Weigh In On Formula One Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC acquired a new position in shares of Formula One Group in the 1st quarter valued at approximately $30,000. Brown Brothers Harriman & Co. grew its stake in Formula One Group by 31.4% in the first quarter. Brown Brothers Harriman & Co. now owns 1,752 shares of the company’s stock valued at $111,000 after purchasing an additional 419 shares in the last quarter. Fred Alger Management LLC bought a new position in Formula One Group in the third quarter valued at approximately $38,000. Geode Capital Management LLC increased its position in shares of Formula One Group by 10.1% during the 4th quarter. Geode Capital Management LLC now owns 259,280 shares of the company’s stock worth $13,853,000 after purchasing an additional 23,691 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Formula One Group during the 1st quarter worth approximately $394,000. Institutional investors own 0.03% of the company’s stock.

Insider Transactions at Formula One Group

In related news, CEO Gregory B. Maffei sold 5,182 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $32.82, for a total transaction of $170,073.24. Following the transaction, the chief executive officer now owns 4,203,799 shares in the company, valued at approximately $137,968,683.18. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Formula One Group news, CEO Gregory B. Maffei sold 5,182 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $32.82, for a total transaction of $170,073.24. Following the transaction, the chief executive officer now directly owns 4,203,799 shares in the company, valued at approximately $137,968,683.18. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman John C. Malone sold 41,154 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $70.02, for a total transaction of $2,881,603.08. Following the completion of the transaction, the chairman now directly owns 2,729,835 shares in the company, valued at $191,143,046.70. The disclosure for this sale can be found here. 4.83% of the stock is owned by insiders.

About Formula One Group

Formula One Group engages in the motorsports business in the United States and internationally. It holds commercial rights for the 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.