Formula One Group (NASDAQ:FWONK) Stock Passes Above 50 Day Moving Average of $68.84

Formula One Group (NASDAQ:FWONK - Get Free Report) crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $68.84 and traded as high as $72.45. Formula One Group shares last traded at $72.35, with a volume of 1,031,869 shares.

Wall Street Analyst Weigh In

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

Formula One Group Price Performance

The firm has a 50 day simple moving average of $68.87 and a 200-day simple moving average of $66.81. The stock has a market capitalization of $16.79 billion and a price-to-earnings ratio of 52.14.

Formula One Group (NASDAQ:FWONK - Get Free Report) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.06). The business had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.25 billion. On average, sell-side analysts forecast that Formula One Group will post 1.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Formula One Group news, major shareholder Berkshire Hathaway Inc bought 1,188,000 shares of the stock in a transaction dated 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 purchase, the insider now owns 50,682,902 shares in the company, valued at approximately $1,489,570,489.78. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman John C. Malone sold 89,951 shares of the firm's stock in a transaction on Friday, May 10th. The stock was sold at an average price of $70.53, for a total value of $6,344,244.03. Following the completion of the sale, the chairman now directly owns 2,540,430 shares in the company, valued at $179,176,527.90. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc bought 1,188,000 shares of the stock in a transaction dated Wednesday, March 6th. The stock was acquired at an average price of $29.39 per share, with a total value of $34,915,320.00. Following the completion of the purchase, the insider now owns 50,682,902 shares of the company's stock, valued at approximately $1,489,570,489.78. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 6,457,501 shares of company stock worth $179,148,132 and sold 229,103 shares worth $15,940,449.

Hedge Funds Weigh In On Formula One Group

Hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC grew its holdings in Formula One Group by 13.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company's stock worth $1,378,000 after acquiring an additional 2,514 shares during the period. Russell Investments Group Ltd. grew 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 purchasing an additional 43,675 shares during the period. Norman Fields Gottscho Capital Management LLC increased 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 purchasing an additional 7,037 shares during the last quarter. Finally, Greenwood Gearhart Inc. lifted 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 buying an additional 9,992 shares during the period. Institutional investors own 92.26% of the company's stock.

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.