Short Interest in Formula One Group (NASDAQ:FWONK) Increases By 11.4%

Formula One Group (NASDAQ:FWONK - Get Free Report) was the target of a significant growth in short interest in March. As of March 15th, there was short interest totalling 4,020,000 shares, a growth of 11.4% from the February 29th total of 3,610,000 shares. Currently, 2.0% of the company's stock are short sold. Based on an average trading volume of 1,070,000 shares, the days-to-cover ratio is presently 3.8 days.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Morgan Stanley downgraded Formula One Group from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $80.00 to $70.00 in a report on Monday, December 18th. StockNews.com downgraded Formula One Group from a "hold" rating to a "sell" rating in a report on Saturday, March 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $82.67.

Formula One Group Price Performance

Formula One Group stock traded down $0.06 during midday trading on Monday, reaching $65.54. 1,814,515 shares of the stock traded hands, compared to its average volume of 1,108,794. The stock's fifty day moving average is $68.36 and its 200-day moving average is $66.03. Formula One Group has a 12 month low of $60.95 and a 12 month high of $78.58.

Formula One Group (NASDAQ:FWONK - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.25 billion. On average, research analysts expect that Formula One Group will post 0.94 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc bought 189,759 shares of the company's stock in a transaction on Wednesday, March 27th. The shares were acquired at an average cost of $29.25 per share, with a total value of $5,550,450.75. Following the completion of the acquisition, the insider now owns 32,755,466 shares of the company's stock, valued at approximately $958,097,380.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have purchased 5,162,408 shares of company stock valued at $154,412,919.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC grew its stake in Formula One Group by 2.5% during the 1st quarter. Geode Capital Management LLC now owns 3,043,509 shares of the company's stock worth $227,456,000 after buying an additional 73,369 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Formula One Group by 283.1% during the 1st quarter. Ameriprise Financial Inc. now owns 363,904 shares of the company's stock worth $27,231,000 after buying an additional 268,910 shares during the last quarter. California State Teachers Retirement System grew its stake in Formula One Group by 16.1% during the 3rd quarter. California State Teachers Retirement System now owns 283,417 shares of the company's stock worth $16,580,000 after buying an additional 39,355 shares during the last quarter. Greenwood Gearhart Inc. grew its stake in Formula One Group by 6.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company's stock worth $10,848,000 after buying an additional 9,992 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its stake in Formula One Group by 643.6% during the 1st quarter. Neuberger Berman Group LLC now owns 144,189 shares of the company's stock worth $10,094,000 after buying an additional 124,798 shares during the last quarter. 92.26% of the stock is currently 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.