Formula One Group (NASDAQ:FWONK - Get Free Report)'s share price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $69.02 and traded as high as $76.17. Formula One Group shares last traded at $72.07, with a volume of 3,053,581 shares traded.
Wall Street Analysts Forecast Growth
Separately, StockNews.com cut Formula One Group from a "hold" rating to a "sell" rating in a report on Saturday, March 9th.
Check Out Our Latest Report on FWONK
Formula One Group Stock Down 1.3 %
The stock has a 50 day moving average price of $69.02 and a 200-day moving average price of $66.46.
Formula One Group (NASDAQ:FWONK - Get Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.06). The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.25 billion. As a group, research analysts predict that Formula One Group will post 0.96 earnings per share for the current year.
Insider Activity
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 transaction, 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 at this hyperlink. Insiders have bought a total of 6,457,501 shares of company stock worth $179,148,132 over the last quarter.
Institutional Trading of Formula One Group
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC acquired a new stake in Formula One Group during the fourth quarter worth about $1,167,000. Russell Investments Group Ltd. boosted its holdings in shares of Formula One Group by 156.3% in the 4th quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company's stock valued at $4,522,000 after buying an additional 43,675 shares during the period. Norman Fields Gottscho Capital Management LLC lifted 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 worth $6,813,000 after acquiring an additional 7,037 shares during the last quarter. Finally, Greenwood Gearhart Inc. boosted its stake 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 during the period. Institutional investors and hedge funds own 92.26% of the company's stock.
About Formula One Group
(
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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.
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