Formula One Group (NASDAQ:FWONK) Stock Passes Above Fifty Day Moving Average of $68.64

Formula One Group (NASDAQ:FWONK)’s stock price passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $68.64 and traded as high as $69.61. Formula One Group shares last traded at $69.15, with a volume of 744,809 shares changing hands.

Wall Street Analyst Weigh In

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

Formula One Group Stock Down 0.8 %

The stock’s 50 day moving average is $68.64 and its two-hundred day moving average is $66.33.

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

Insider Buying and Selling at Formula One Group

In other news, major shareholder Berkshire Hathaway Inc purchased 1,250,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was acquired at an average price of $27.76 per share, for a total transaction of $34,700,000.00. Following the acquisition, the insider now directly owns 66,736,288 shares of the company’s stock, valued at $1,852,599,354.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders acquired 6,474,739 shares of company stock worth $183,064,288.

Institutional Trading of Formula One Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC purchased a new position in shares of Formula One Group during the 4th quarter worth approximately $1,167,000. Russell Investments Group Ltd. boosted its position in shares of Formula One Group by 156.3% during the 4th quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock worth $4,522,000 after purchasing an additional 43,675 shares during the period. Norman Fields Gottscho Capital Management LLC boosted its position in shares of Formula One Group by 7.0% during the 4th quarter. Norman Fields Gottscho Capital Management LLC now owns 107,922 shares of the company’s stock worth $6,813,000 after purchasing an additional 7,037 shares during the period. Finally, Greenwood Gearhart Inc. boosted its position in shares of Formula One Group by 6.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company’s stock worth $10,848,000 after purchasing an additional 9,992 shares during the period. Institutional investors and hedge funds own 92.26% of the company’s stock.

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.