Gabelli Funds LLC Has $9.81 Million Position in Liberty Media Corporation - Liberty Formula One Series C $FWONK

Key Points

• Gabelli Funds cut its FWONK stake by 93.7% in the first quarter, selling 1.71 million shares and retaining 115,350 shares valued at approximately $9.81 million.
• Insiders Chase Carey and Renee L. Wilm sold shares worth a combined $10.1 million, while institutional investors collectively own 92.26% of the stock.
• Analysts maintain a consensus “Hold” rating with a $110.20 price target. FWONK recently reported quarterly EPS of $0.03, beating estimates, and revenue of $711 million, also above expectations.

Gabelli Funds LLC trimmed its stake in Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 93.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 115,350 shares of the company's stock after selling 1,706,282 shares during the quarter. Gabelli Funds LLC owned about 0.05% of Liberty Media Corporation - Liberty Formula One Series C worth $9,807,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Zions Bancorporation National Association UT raised its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C by 172.5% during the fourth quarter. Zions Bancorporation National Association UT now owns 297 shares of the company's stock valued at $29,000 after purchasing an additional 188 shares during the period. Advisory Services Network LLC bought a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the third quarter valued at approximately $34,000. Headlands Technologies LLC bought a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the second quarter valued at approximately $38,000. Osterweis Capital Management Inc. acquired a new position in shares of Liberty Media Corporation - Liberty Formula One Series C during the second quarter worth approximately $39,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA raised its position in shares of Liberty Media Corporation - Liberty Formula One Series C by 70.0% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 425 shares of the company's stock worth $42,000 after purchasing an additional 175 shares during the period. 92.26% of the stock is owned by institutional investors.

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

In other Liberty Media Corporation - Liberty Formula One Series C news, Director Chase Carey sold 100,000 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $90.28, for a total transaction of $9,028,000.00. Following the completion of the transaction, the director directly owned 94,356 shares of the company's stock, valued at approximately $8,518,459.68. This represents a 51.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Renee L. Wilm sold 11,597 shares of the firm's stock in a transaction 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 directly owned 15,590 shares of the company's stock, valued at $1,404,503.10. This represents a 42.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Wall Street Analysts Forecast Growth

FWONK has been the subject of several research reports. Wells Fargo & Company lifted their price target on shares of 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 report on Friday, May 8th. UBS Group lowered their price objective on shares of Liberty Media Corporation - Liberty Formula One Series C from $107.00 to $104.00 and set a "neutral" rating on the stock in a report on Wednesday, April 15th. JPMorgan Chase & Co. raised their price objective on shares of Liberty Media Corporation - Liberty Formula One Series C from $111.00 to $124.00 and gave the company an "overweight" rating in a research note on Tuesday, July 21st. Bank of America boosted their target price on shares of Liberty Media Corporation - Liberty Formula One Series C from $105.00 to $115.00 and gave the stock a "buy" rating in a research report on Monday, July 6th. Finally, Weiss Ratings upgraded shares of Liberty Media Corporation - Liberty Formula One Series C from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $110.20.

Liberty Media Corporation - Liberty Formula One Series C Price Performance

Liberty Media Corporation - Liberty Formula One Series C stock opened at $97.05 on Monday. The company's 50 day moving average price is $92.96 and its two-hundred day moving average price is $89.56. Liberty Media Corporation - Liberty Formula One Series C has a 52 week low of $80.15 and a 52 week high of $109.36. The stock has a market cap of $21.75 billion, a P/E ratio of 44.52 and a beta of 0.44.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating 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 analysts anticipate that Liberty Media Corporation - Liberty Formula One Series C will post 1.91 EPS for the current year.

About Liberty Media Corporation - Liberty Formula One Series C

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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