Benchmark Reiterates “Buy” Rating for Formula One Group (NASDAQ:FWONA)

Benchmark reaffirmed their buy rating on shares of Formula One Group (NASDAQ:FWONA) in a research report released on Wednesday morning, Benzinga reports. They currently have a $77.00 target price on the stock.

Separately, Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and set a $73.00 price target on shares of Formula One Group in a research report on Tuesday, April 2nd.

Formula One Group Price Performance

Shares of NASDAQ:FWONA opened at $65.69 on Wednesday. The stock has a market cap of $15.44 billion and a price-to-earnings ratio of 47.95. The company has a 50 day moving average of $61.69 and a 200-day moving average of $60.27. Formula One Group has a one year low of $55.08 and a one year high of $69.48.

Formula One Group (NASDAQ:FWONA) last released its earnings results on Wednesday, February 28th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.39). The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Equities research analysts anticipate that Formula One Group will post 1.47 earnings per share for the current year.

Insider Buying and Selling at Formula One Group

In related news, major shareholder Berkshire Hathaway Inc purchased 1,188,000 shares of Formula One Group stock in a transaction that occurred on Wednesday, March 6th. The stock was purchased at an average cost of $29.39 per share, with a total value of $34,915,320.00. Following the completion of the transaction, the insider now owns 50,682,902 shares of the company’s stock, valued at approximately $1,489,570,489.78. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Chairman John C. Malone sold 89,951 shares of Formula One Group stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $70.53, for a total value of $6,344,244.03. Following the completion of the transaction, the chairman now owns 2,540,430 shares of the company’s stock, valued at approximately $179,176,527.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc acquired 1,188,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average price of $29.39 per share, for a total transaction of $34,915,320.00. Following the completion of the purchase, the insider now directly owns 50,682,902 shares in the company, valued at $1,489,570,489.78. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 6,457,501 shares of company stock worth $179,148,132 and have sold 229,103 shares worth $15,940,449. Company insiders own 4.83% of the company’s stock.

Hedge Funds Weigh In On Formula One Group

An institutional investor recently raised its position in Formula One Group stock. Janney Montgomery Scott LLC grew its holdings in Formula One Group (NASDAQ:FWONA) by 3.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,789 shares of the company’s stock after buying an additional 481 shares during the period. Janney Montgomery Scott LLC’s holdings in Formula One Group were worth $723,000 at the end of the most recent quarter. 8.38% of the stock is owned by institutional investors and hedge funds.

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.