Formula One Group (NASDAQ:FWONK) Shares Pass Above 50-Day Moving Average of $69.02

Shares of Formula One Group (NASDAQ:FWONK) passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $69.02 and traded as high as $76.17. Formula One Group shares last traded at $72.07, with a volume of 3,053,581 shares trading hands.

Wall Street Analysts Forecast Growth

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

Formula One Group Stock Up 0.0 %

The business’s fifty day moving average is $69.02 and its two-hundred day moving average is $66.46.

Formula One Group (NASDAQ:FWONK) last released its earnings results on Wednesday, February 28th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.06). The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Research analysts expect that Formula One Group will post 0.96 EPS for the current fiscal year.

Insider Transactions at Formula One Group

In other Formula One Group news, major shareholder Berkshire Hathaway Inc acquired 1,250,000 shares of the stock in a transaction dated Thursday, April 4th. The stock was acquired at an average cost of $27.76 per share, with a total value of $34,700,000.00. Following the transaction, the insider now owns 66,736,288 shares in the company, valued at approximately $1,852,599,354.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders bought 6,457,501 shares of company stock valued at $179,148,132.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC lifted its position in Formula One Group by 13.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock worth $1,378,000 after acquiring an additional 2,514 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Formula One Group by 156.3% during the fourth 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 grew its position in Formula One Group by 7.0% in the 4th quarter. Norman Fields Gottscho Capital Management LLC now owns 107,922 shares of the company’s stock valued at $6,813,000 after buying an additional 7,037 shares during the last quarter. Finally, Greenwood Gearhart Inc. increased its stake in Formula One Group by 6.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company’s stock valued at $10,848,000 after buying an additional 9,992 shares during the period. 92.26% of the stock is owned by hedge funds and other institutional investors.

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.