Q1 2024 EPS Estimates for Formula One Group (NASDAQ:FWONK) Boosted by Seaport Res Ptn

Formula One Group (NASDAQ:FWONK) – Equities research analysts at Seaport Res Ptn boosted their Q1 2024 earnings per share (EPS) estimates for shares of Formula One Group in a note issued to investors on Monday, April 15th. Seaport Res Ptn analyst D. Joyce now expects that the company will earn $0.11 per share for the quarter, up from their previous forecast of $0.09. The consensus estimate for Formula One Group’s current full-year earnings is $0.94 per share. Seaport Res Ptn also issued estimates for Formula One Group’s Q2 2024 earnings at $0.33 EPS, Q4 2024 earnings at $0.39 EPS, FY2024 earnings at $1.15 EPS and FY2025 earnings at $1.46 EPS.

Formula One Group (NASDAQ:FWONK) last issued 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 firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.25 billion.

Separately, StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $82.67.

Formula One Group Trading Down 0.6 %

Shares of FWONK traded down $0.38 during mid-day trading on Wednesday, reaching $67.28. The company had a trading volume of 719,183 shares, compared to its average volume of 1,094,560. The company’s 50-day moving average is $68.38 and its 200-day moving average is $66.26. Formula One Group has a twelve month low of $60.95 and a twelve month high of $78.58.

Hedge Funds Weigh In On Formula One Group

Institutional investors have recently bought and sold shares of the business. Brown Brothers Harriman & Co. grew its position in shares of Formula One Group by 20.0% in the first quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock valued at $292,000 after purchasing an additional 696 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Formula One Group by 2,600.0% in the fourth quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock valued at $105,000 after purchasing an additional 1,690 shares during the last quarter. Greenwood Gearhart Inc. grew its position in shares of Formula One Group by 2.2% in the fourth quarter. Greenwood Gearhart Inc. now owns 155,687 shares of the company’s stock valued at $9,307,000 after purchasing an additional 3,340 shares during the last quarter. MetLife Investment Management LLC acquired a new position in shares of Formula One Group in the first quarter valued at approximately $277,000. Finally, Natixis Advisors L.P. grew its position in shares of Formula One Group by 31.4% in the second quarter. Natixis Advisors L.P. now owns 25,151 shares of the company’s stock valued at $1,596,000 after purchasing an additional 6,014 shares during the last quarter. Institutional investors and hedge funds own 92.26% of the company’s stock.

Insider Buying and Selling at Formula One Group

In related news, major shareholder Berkshire Hathaway Inc bought 139,132 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The shares were acquired at an average price of $30.99 per share, for a total transaction of $4,311,700.68. Following the completion of the acquisition, the insider now owns 47,471,419 shares of the company’s stock, valued at approximately $1,471,139,274.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have bought 7,264,095 shares of company stock valued at $207,506,924 in the last 90 days.

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.