FY2024 EPS Estimates for Formula One Group (NASDAQ:FWONK) Lifted by Seaport Res Ptn

Formula One Group (NASDAQ:FWONK - Free Report) - Equities researchers at Seaport Res Ptn boosted their FY2024 EPS estimates for shares of Formula One Group in a research report issued to clients and investors on Wednesday, May 8th. Seaport Res Ptn analyst D. Joyce now anticipates that the company will earn $1.47 per share for the year, up from their prior estimate of $1.15. The consensus estimate for Formula One Group's current full-year earnings is $1.07 per share. Seaport Res Ptn also issued estimates for Formula One Group's Q4 2024 earnings at $0.43 EPS and FY2025 earnings at $1.80 EPS.

Formula One Group (NASDAQ:FWONK - Get Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.31 by ($0.06). The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.25 billion.

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

Formula One Group Stock Performance

Formula One Group stock traded down $1.06 during trading hours on Monday, reaching $68.95. 1,302,613 shares of the stock were exchanged, compared to its average volume of 1,108,083. The stock has a market cap of $14.38 billion and a P/E ratio of 50.14. Formula One Group has a 52-week low of $60.95 and a 52-week high of $78.58. The firm's 50 day moving average is $68.92 and its 200 day moving average is $66.51.

Insider Buying and Selling at Formula One Group

In other news, major shareholder Berkshire Hathaway Inc purchased 20,609 shares of the stock in a transaction dated Monday, March 11th. The stock was acquired at an average cost of $29.94 per share, for a total transaction of $617,033.46. Following the completion of the acquisition, the insider now directly owns 25,773,955 shares in the company, valued at approximately $771,672,212.70. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders acquired 6,457,501 shares of company stock worth $179,148,132.

Institutional Investors Weigh In On Formula One Group

A number of institutional investors have recently bought and sold shares of FWONK. Greenwood Gearhart Inc. lifted its position in shares of Formula One Group by 6.1% during the third quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company's stock worth $10,848,000 after purchasing an additional 9,992 shares in the last quarter. Norman Fields Gottscho Capital Management LLC lifted its position in shares of Formula One Group by 7.0% during the fourth quarter. Norman Fields Gottscho Capital Management LLC now owns 107,922 shares of the company's stock worth $6,813,000 after purchasing an additional 7,037 shares in the last quarter. Russell Investments Group Ltd. lifted its position 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 purchasing an additional 43,675 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Formula One Group by 13.6% during the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company's stock worth $1,378,000 after purchasing an additional 2,514 shares in the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

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.