Insider Buying: Formula One Group (NASDAQ:FWONK) Major Shareholder Acquires 123,388 Shares of Stock

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc bought 123,388 shares of the company’s stock in a transaction on Wednesday, April 24th. The stock was purchased at an average price of $25.22 per share, with a total value of $3,111,845.36. Following the completion of the transaction, the insider now directly owns 34,805,607 shares of the company’s stock, valued at approximately $877,797,408.54. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Friday, April 26th, Berkshire Hathaway Inc bought 219,303 shares of Formula One Group stock. The stock was purchased at an average price of $24.46 per share, with a total value of $5,364,151.38.
• On Friday, April 12th, Berkshire Hathaway Inc acquired 413,227 shares of Formula One Group stock. The shares were bought at an average price of $25.58 per share, with a total value of $10,570,346.66.
• On Wednesday, April 10th, Berkshire Hathaway Inc acquired 513,104 shares of Formula One Group stock. The shares were bought at an average price of $25.96 per share, with a total value of $13,320,179.84.
• On Monday, April 8th, Berkshire Hathaway Inc acquired 938,896 shares of Formula One Group stock. The shares were bought at an average price of $26.98 per share, with a total value of $25,331,414.08.
• On Thursday, April 4th, Berkshire Hathaway Inc acquired 1,250,000 shares of Formula One Group stock. The shares were bought at an average price of $27.76 per share, with a total value of $34,700,000.00.
• On Wednesday, March 27th, Berkshire Hathaway Inc acquired 189,759 shares of Formula One Group stock. The shares were bought at an average price of $29.25 per share, with a total value of $5,550,450.75.
• On Monday, March 25th, Berkshire Hathaway Inc bought 199,664 shares of Formula One Group stock. The stock was acquired at an average price of $28.82 per share, with a total value of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc bought 333,916 shares of Formula One Group stock. The stock was acquired at an average price of $28.92 per share, with a total value of $9,656,850.72.
• On Monday, March 11th, Berkshire Hathaway Inc bought 20,609 shares of Formula One Group stock. The stock was acquired at an average price of $29.94 per share, with a total value of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc bought 521,804 shares of Formula One Group stock. The stock was acquired at an average price of $29.86 per share, with a total value of $15,581,067.44.

Formula One Group Stock Up 0.7 %

Shares of NASDAQ:FWONK traded up $0.50 during mid-day trading on Friday, hitting $69.43. 751,663 shares of the company traded hands, compared to its average volume of 1,069,221. Formula One Group has a 12-month low of $60.95 and a 12-month high of $78.58. The stock has a 50-day moving average price of $68.65 and a two-hundred day moving average price of $66.34.

Formula One Group (NASDAQ:FWONK) last announced its earnings results on Wednesday, February 28th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.06). The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.25 billion. On average, sell-side analysts forecast that Formula One Group will post 0.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC purchased a new position in shares of Formula One Group during the fourth quarter valued at approximately $1,167,000. Russell Investments Group Ltd. boosted its position in Formula One Group by 156.3% in 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 last quarter. Norman Fields Gottscho Capital Management LLC boosted its position in Formula One Group by 7.0% in the fourth 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 last quarter. Finally, Greenwood Gearhart Inc. boosted its position in Formula One Group by 6.1% in the third 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 last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Wall Street Analyst Weigh In

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

About Formula One Group

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.