Q1 2024 Earnings Forecast for Formula One Group (NASDAQ:FWONK) Issued By Seaport Res Ptn

Formula One Group (NASDAQ:FWONK) – Investment analysts at Seaport Res Ptn upped their Q1 2024 EPS estimates for Formula One Group in a research note issued on Monday, April 15th. Seaport Res Ptn analyst D. Joyce now forecasts that the company will post earnings per share of $0.11 for the quarter, up from their prior forecast of $0.09. The consensus estimate for Formula One Group’s current full-year earnings is $0.94 per share. Seaport Res Ptn also issued estimates for Formula One Group’s Q2 2024 earnings at $0.33 EPS, Q4 2024 earnings at $0.39 EPS, FY2024 earnings at $1.15 EPS and FY2025 earnings at $1.46 EPS.

Formula One Group (NASDAQ:FWONK) 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 $0.31 by ($0.06). The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.25 billion.

Separately, StockNews.com cut shares of Formula One Group from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $82.67.

Formula One Group Price Performance

Shares of NASDAQ FWONK opened at $67.28 on Wednesday. Formula One Group has a twelve month low of $60.95 and a twelve month high of $78.58. The firm has a fifty day simple moving average of $68.42 and a 200 day simple moving average of $66.30.

Insiders Place Their Bets

In other Formula One Group news, major shareholder Berkshire Hathaway Inc acquired 139,132 shares of Formula One Group stock in a transaction dated Thursday, January 25th. The stock was purchased at an average cost of $30.99 per share, for a total transaction of $4,311,700.68. Following the completion of the acquisition, the insider now directly owns 47,471,419 shares of the company’s stock, valued at $1,471,139,274.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders purchased 7,264,095 shares of company stock worth $207,506,924.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Bessemer Group Inc. grew its holdings in shares of Formula One Group by 2,600.0% during the fourth quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock valued at $105,000 after buying an additional 1,690 shares during the last quarter. MetLife Investment Management LLC acquired a new position in shares of Formula One Group during the first quarter valued at about $277,000. Brown Brothers Harriman & Co. grew its holdings in shares of Formula One Group by 20.0% during 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 last quarter. Allstate Investment Management Co. acquired a new position in shares of Formula One Group during the fourth quarter valued at about $385,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Formula One Group during the fourth quarter valued at about $1,167,000. 92.26% of the stock is currently owned by institutional investors and hedge funds.

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.