Formula One Group (NASDAQ:FWONK) Price Target Increased to $90.00 by Analysts at Evercore ISI

Formula One Group (NASDAQ:FWONKFree Report) had its price target upped by Evercore ISI from $85.00 to $90.00 in a research report report published on Tuesday, Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

Separately, StockNews.com downgraded shares of Formula One Group from a hold rating to a sell rating in a report on Saturday, March 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat, Formula One Group has an average rating of Hold and a consensus target price of $84.00.

View Our Latest Stock Report on Formula One Group

Formula One Group Trading Down 1.4 %

Shares of Formula One Group stock opened at $74.52 on Tuesday. Formula One Group has a 12-month low of $60.95 and a 12-month high of $78.58. The company’s fifty day simple moving average is $69.77 and its two-hundred day simple moving average is $67.34. The company has a market cap of $17.51 billion and a P/E ratio of 54.39.

Formula One Group (NASDAQ:FWONKGet Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.21. The firm had revenue of $550.00 million during the quarter, compared to the consensus estimate of $591.77 million. Analysts predict that Formula One Group will post 1.2 EPS for the current fiscal year.

Insider Activity

In other Formula One Group news, major shareholder Berkshire Hathaway Inc bought 20,609 shares of Formula One Group stock in a transaction that occurred on Monday, March 11th. The stock was purchased at an average price of $29.94 per share, with a total value of $617,033.46. Following the completion of the acquisition, the insider now directly owns 25,773,955 shares in the company, valued at approximately $771,672,212.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Berkshire Hathaway Inc purchased 20,609 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was bought at an average price of $29.94 per share, with a total value of $617,033.46. Following the acquisition, the insider now owns 25,773,955 shares in the company, valued at $771,672,212.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman John C. Malone sold 89,951 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $70.53, for a total value of $6,344,244.03. Following the transaction, the chairman now directly owns 2,540,430 shares of the company’s stock, valued at approximately $179,176,527.90. The disclosure for this sale can be found here. In the last quarter, insiders acquired 5,035,307 shares of company stock worth $137,495,051 and sold 229,103 shares worth $15,940,449.

Hedge Funds Weigh In On Formula One Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its holdings 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. Janney Montgomery Scott LLC purchased a new stake in shares of Formula One Group in the 4th quarter valued at approximately $1,167,000. Greenwood Gearhart Inc. lifted its holdings in shares of Formula One Group by 6.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company’s stock worth $10,848,000 after acquiring an additional 9,992 shares during the last quarter. Finally, 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. Institutional investors and hedge funds own 92.26% of the company’s stock.

Formula One Group Company Profile

(Get Free Report)

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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