Renaissance Technologies LLC Acquires 623,700 Shares of Liberty Media Corporation - Liberty Formula One Series C $FWONK

Key Points

• Renaissance Technologies increased its FWONK stake by 306.1% in the first quarter, acquiring 623,700 additional shares for a total holding of 827,479 shares valued at approximately $70.4 million. Institutional investors collectively own 92.26% of the stock.
• Analyst sentiment remains cautious: FWONK has an average “Hold” rating and a consensus price target of $110.20, although Bank of America raised its target to $115 and maintained a “Buy” rating.
• The company exceeded quarterly expectations, reporting adjusted earnings of $0.03 per share versus estimates for a $0.06 loss, while revenue reached $711 million, above the $683.42 million consensus forecast.

Renaissance Technologies LLC lifted its holdings in Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 306.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 827,479 shares of the company's stock after acquiring an additional 623,700 shares during the period. Renaissance Technologies LLC owned approximately 0.37% of Liberty Media Corporation - Liberty Formula One Series C worth $70,352,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Principal Securities Inc. raised its stake in Liberty Media Corporation - Liberty Formula One Series C by 2.6% in the 4th quarter. Principal Securities Inc. now owns 4,726 shares of the company's stock worth $466,000 after purchasing an additional 118 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C by 26.6% during the fourth quarter. Farther Finance Advisors LLC now owns 571 shares of the company's stock worth $56,000 after purchasing an additional 120 shares during the period. Blair William & Co. IL raised its position in shares of Liberty Media Corporation - Liberty Formula One Series C by 2.7% in the fourth quarter. Blair William & Co. IL now owns 5,175 shares of the company's stock valued at $510,000 after buying an additional 135 shares in the last quarter. Clearstead Advisors LLC raised its position in shares of Liberty Media Corporation - Liberty Formula One Series C by 1.4% in the fourth quarter. Clearstead Advisors LLC now owns 10,312 shares of the company's stock valued at $1,016,000 after buying an additional 141 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 0.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 32,832 shares of the company's stock valued at $3,234,000 after buying an additional 149 shares during the period. 92.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FWONK has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on Liberty Media Corporation - Liberty Formula One Series C from $89.00 to $97.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Wall Street Zen raised Liberty Media Corporation - Liberty Formula One Series C from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. Bank of America raised their price target on 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. Weiss Ratings raised Liberty Media Corporation - Liberty Formula One Series C from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. Finally, UBS Group cut 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 for the company in a research report on Wednesday, April 15th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $110.20.

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

In other news, insider Renee L. Wilm sold 11,597 shares of Liberty Media Corporation - Liberty Formula One Series C stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $90.09, for a total transaction of $1,044,773.73. Following the sale, the insider directly owned 15,590 shares of the company's stock, valued at approximately $1,404,503.10. This trade represents a 42.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Chase Carey sold 100,000 shares of the company's stock in a transaction that occurred on 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 transaction, the director directly owned 94,356 shares of the company's stock, valued at $8,518,459.68. This represents a 51.45% decrease in their position. The SEC filing for this sale provides additional information.

Liberty Media Corporation - Liberty Formula One Series C Stock Performance

FWONK stock opened at $97.05 on Monday. The stock has a market capitalization of $21.75 billion, a P/E ratio of 44.52 and a beta of 0.44. The firm has a 50-day moving average price of $92.96 and a 200-day moving average price of $89.56. Liberty Media Corporation - Liberty Formula One Series C has a 12 month low of $80.15 and a 12 month high of $109.36.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.09. The company had revenue of $711.00 million for the quarter, compared to the consensus estimate of $683.42 million. As a group, equities analysts predict that Liberty Media Corporation - Liberty Formula One Series C will post 1.91 EPS for the current fiscal 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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