Russell Investments Group Ltd. Acquires 43,675 Shares of Formula One Group (NASDAQ:FWONK)

Russell Investments Group Ltd. raised its stake in Formula One Group (NASDAQ:FWONK - Free Report) by 156.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 71,618 shares of the company's stock after purchasing an additional 43,675 shares during the period. Russell Investments Group Ltd.'s holdings in Formula One Group were worth $4,522,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Separately, Greenwood Gearhart Inc. grew its stake 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 acquiring an additional 9,992 shares during the last quarter. Institutional investors own 92.26% of the company's stock.

Wall Street Analyst Weigh In

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

Formula One Group Trading Down 1.6 %

NASDAQ:FWONK traded down $1.14 during trading hours on Friday, hitting $70.01. The company had a trading volume of 1,291,183 shares, compared to its average volume of 1,080,780. The company has a 50-day moving average of $68.92 and a 200 day moving average of $66.50. The company has a market cap of $14.60 billion and a P/E ratio of 51.10. Formula One Group has a 1 year low of $60.95 and a 1 year high of $78.58.

Formula One Group (NASDAQ:FWONK - Get Free Report) last posted its earnings results 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 company had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.25 billion. On average, analysts forecast that Formula One Group will post 0.96 earnings per share for the current year.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc bought 1,188,000 shares of the stock in a transaction on Wednesday, March 6th. The shares were bought at an average cost of $29.39 per share, for a total transaction of $34,915,320.00. Following the purchase, 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 legal filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have acquired 6,457,501 shares of company stock worth $179,148,132. 4.31% of the stock is currently owned by insiders.

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.