Formula One Group (NASDAQ:FWONK) Expected to Earn Q2 2024 Earnings of $0.34 Per Share

Formula One Group (NASDAQ:FWONK - Free Report) - Investment analysts at Seaport Res Ptn raised their Q2 2024 earnings estimates for Formula One Group in a research report issued on Wednesday, May 8th. Seaport Res Ptn analyst D. Joyce now expects that the company will earn $0.34 per share for the quarter, up from their prior forecast of $0.33. The consensus estimate for Formula One Group's current full-year earnings is $0.96 per share. Seaport Res Ptn also issued estimates for Formula One Group's Q3 2024 earnings at $0.37 EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.67 EPS, Q3 2025 earnings at $0.41 EPS and Q4 2025 earnings at $0.72 EPS.

Formula One Group (NASDAQ:FWONK - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.25 billion.

Separately, StockNews.com downgraded Formula One Group from a "hold" rating to a "sell" rating in a research report on Saturday, March 9th.

Formula One Group Stock Down 1.6 %

FWONK traded down $1.14 on Friday, hitting $70.01. 1,291,183 shares of the company's stock traded hands, compared to its average volume of 1,105,946. Formula One Group has a one year low of $60.95 and a one year high of $78.58. The company's 50 day simple moving average is $68.98 and its 200-day simple moving average is $66.50.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc acquired 1,188,000 shares of Formula One Group stock in a transaction on Wednesday, March 6th. The stock was bought at an average cost of $29.39 per share, for a total transaction of $34,915,320.00. Following the completion of the transaction, the insider now owns 50,682,902 shares of the company's stock, valued at approximately $1,489,570,489.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders bought 6,457,501 shares of company stock valued at $179,148,132.

Institutional Investors Weigh In On Formula One Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Janney Montgomery Scott LLC purchased a new stake in shares of Formula One Group during the fourth quarter worth $1,167,000. Russell Investments Group Ltd. increased its stake in shares of Formula One Group by 156.3% during the fourth quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company's stock worth $4,522,000 after buying an additional 43,675 shares during the period. Norman Fields Gottscho Capital Management LLC raised its holdings in Formula One Group by 7.0% in the fourth quarter. Norman Fields Gottscho Capital Management LLC now owns 107,922 shares of the company's stock valued at $6,813,000 after acquiring an additional 7,037 shares in the last quarter. Finally, Greenwood Gearhart Inc. raised its holdings in Formula One Group by 6.1% in the third quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company's stock valued at $10,848,000 after acquiring an additional 9,992 shares in the last quarter. 92.26% of the stock is owned by hedge funds and other institutional investors.

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.