Berkshire Hathaway Inc Acquires 513,104 Shares of Formula One Group (NASDAQ:FWONK) Stock

Formula One Group (NASDAQ:FWONK) major shareholder Berkshire Hathaway Inc bought 513,104 shares of the stock in a transaction on Wednesday, April 10th. The shares were acquired at an average cost of $25.96 per share, for a total transaction of $13,320,179.84. Following the purchase, the insider now owns 68,423,017 shares in the company, valued at $1,776,261,521.32. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Friday, April 12th, Berkshire Hathaway Inc purchased 413,227 shares of Formula One Group stock. The shares were purchased at an average cost of $25.58 per share, for a total transaction of $10,570,346.66.
• On Monday, April 8th, Berkshire Hathaway Inc purchased 938,896 shares of Formula One Group stock. The shares were purchased at an average cost of $26.98 per share, for a total transaction of $25,331,414.08.
• On Thursday, April 4th, Berkshire Hathaway Inc acquired 1,250,000 shares of Formula One Group stock. The stock was bought at an average price of $27.76 per share, for a total transaction of $34,700,000.00.
• On Wednesday, March 27th, Berkshire Hathaway Inc acquired 189,759 shares of Formula One Group stock. The stock was bought at an average price of $29.25 per share, for a total transaction of $5,550,450.75.
• On Monday, March 25th, Berkshire Hathaway Inc acquired 199,664 shares of Formula One Group stock. The stock was bought at an average price of $28.82 per share, for a total transaction of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc purchased 333,916 shares of Formula One Group stock. The shares were acquired at an average price of $28.92 per share, for a total transaction of $9,656,850.72.
• On Monday, March 11th, Berkshire Hathaway Inc purchased 20,609 shares of Formula One Group stock. The shares were acquired at an average price of $29.94 per share, for a total transaction of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc purchased 521,804 shares of Formula One Group stock. The shares were acquired at an average price of $29.86 per share, for a total transaction of $15,581,067.44.
• On Wednesday, March 6th, Berkshire Hathaway Inc bought 1,188,000 shares of Formula One Group stock. The shares were purchased at an average price of $29.39 per share, for a total transaction of $34,915,320.00.
• On Monday, March 4th, Berkshire Hathaway Inc bought 234,194 shares of Formula One Group stock. The shares were purchased at an average price of $28.77 per share, for a total transaction of $6,737,761.38.

Formula One Group Stock Performance

Formula One Group stock traded down $1.50 during mid-day trading on Friday, hitting $67.23. The company had a trading volume of 856,272 shares, compared to its average volume of 1,106,924. Formula One Group has a 1 year low of $60.95 and a 1 year high of $78.58. The business has a fifty day moving average of $68.33 and a 200 day moving average of $66.16.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.25 EPS for the quarter, missing the consensus estimate 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. Research analysts forecast that Formula One Group will post 0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Formula One Group

Hedge funds have recently added to or reduced their stakes in the stock. Bessemer Group Inc. grew its position 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 worth $105,000 after acquiring an additional 1,690 shares during the last quarter. MetLife Investment Management LLC purchased a new position in shares of Formula One Group during the first quarter worth approximately $277,000. Brown Brothers Harriman & Co. grew its position 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 worth $292,000 after acquiring an additional 696 shares during the last quarter. Allstate Investment Management Co. purchased a new position in shares of Formula One Group during the fourth quarter worth approximately $385,000. Finally, Janney Montgomery Scott LLC purchased a new position in Formula One Group in the 4th quarter valued at $1,167,000. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FWONK has been the topic of a number of recent research reports. Morgan Stanley lowered shares of Formula One Group from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $80.00 to $70.00 in a research note on Monday, December 18th. StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.67.

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.