Arrowstreet Capital Limited Partnership Invests $15.21 Million in Liberty Media Corporation - Liberty Formula One Series C $FWONK

Key Points

• Arrowstreet Capital initiated a $15.21 million position in Liberty Media’s Formula One tracking stock, purchasing 178,849 shares. Institutional investors collectively own 92.26% of FWONK.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and a $114 price target; recent targets range from $97 to $125.
• FWONK recently traded at $100, while the company’s latest quarterly results exceeded expectations, reporting $0.03 EPS versus a projected $0.06 loss and revenue of $711 million.

Arrowstreet Capital Limited Partnership purchased a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 178,849 shares of the company's stock, valued at approximately $15,206,000. Arrowstreet Capital Limited Partnership owned approximately 0.08% of Liberty Media Corporation - Liberty Formula One Series C at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Invesco Ltd. increased its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C by 51.0% in the 2nd quarter. Invesco Ltd. now owns 504,313 shares of the company's stock valued at $52,701,000 after purchasing an additional 170,435 shares during the period. Cresset Asset Management LLC acquired a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the second quarter worth approximately $502,000. Daiwa Securities Group Inc. boosted its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C by 20.2% during the second quarter. Daiwa Securities Group Inc. now owns 37,335 shares of the company's stock worth $3,902,000 after purchasing an additional 6,285 shares during the period. Qube Research & Technologies Ltd purchased a new position in Liberty Media Corporation - Liberty Formula One Series C during the second quarter valued at approximately $1,863,000. Finally, Squarepoint Ops LLC purchased a new position in Liberty Media Corporation - Liberty Formula One Series C during the second quarter valued at approximately $1,255,000. 92.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Liberty Media Corporation - Liberty Formula One Series C

In related news, Director Chase Carey sold 100,000 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $90.28, for a total value of $9,028,000.00. Following the completion of the sale, the director owned 94,356 shares in the company, valued at approximately $8,518,459.68. This trade represents a 51.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Renee L. Wilm sold 11,597 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $90.09, for a total value of $1,044,773.73. Following the completion of the sale, the insider owned 15,590 shares of the company's stock, valued at $1,404,503.10. This represents a 42.66% decrease in their position. The SEC filing for this sale provides additional information. 4.31% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FWONK shares. Bank of America lifted their target price on shares of Liberty Media Corporation - Liberty Formula One Series C from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Monday, July 6th. Wells Fargo & Company boosted their target price on Liberty Media Corporation - Liberty Formula One Series C from $89.00 to $97.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. Sanford C. Bernstein upped their target price on Liberty Media Corporation - Liberty Formula One Series C from $115.00 to $119.00 and gave the stock an "outperform" rating in a research report on Tuesday. Weiss Ratings raised Liberty Media Corporation - Liberty Formula One Series C from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, May 1st. Finally, Guggenheim raised their price target on Liberty Media Corporation - Liberty Formula One Series C from $124.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $114.00.

Liberty Media Corporation - Liberty Formula One Series C Trading Down 1.9%

Liberty Media Corporation - Liberty Formula One Series C stock opened at $100.00 on Friday. The company has a market capitalization of $22.41 billion, a P/E ratio of 45.87 and a beta of 0.44. The firm's fifty day simple moving average is $93.78 and its 200-day simple moving average is $89.78. Liberty Media Corporation - Liberty Formula One Series C has a 1-year low of $80.15 and a 1-year high of $109.36.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.09. The business had revenue of $711.00 million during the quarter, compared to the consensus estimate of $683.42 million. On average, equities research analysts predict that Liberty Media Corporation - Liberty Formula One Series C will post 1.93 earnings per share for the current year.

Liberty Media Corporation - Liberty Formula One Series C Profile

Liberty Media Corporation - Liberty Formula One Series C NASDAQ: FWONK is a tracking stock that represents Liberty Media's economic interest in the Formula One Group, the commercial operator of the FIA Formula One World Championship. Liberty Media is a diversified media and entertainment company that owns and manages a portfolio of media, communications and entertainment businesses. The Formula One Group conducts the commercial activities of one of the world's largest motor sports properties, packaging live races, media rights, sponsorships, licensing and related consumer products around a global sporting calendar.

The Formula One business comprises the sale and distribution of broadcast and digital media rights, race promotion and event management, sponsorship and brand partnerships, merchandising and licensing, and direct-to-consumer digital products and services.

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