Deutsche Bank Aktiengesellschaft Reaffirms “Hold” Rating for Formula One Group (NASDAQ:FWONA)

Formula One Group (NASDAQ:FWONAGet Free Report)‘s stock had its “hold” rating restated by research analysts at Deutsche Bank Aktiengesellschaft in a research report issued on Tuesday, Benzinga reports. They presently have a $73.00 price target on the stock. Deutsche Bank Aktiengesellschaft’s price objective would indicate a potential upside of 23.04% from the stock’s current price.

Formula One Group Stock Up 1.2 %

Formula One Group stock traded up $0.73 during midday trading on Tuesday, hitting $59.33. 37,559 shares of the company’s stock were exchanged, compared to its average volume of 96,356. Formula One Group has a 12 month low of $55.08 and a 12 month high of $69.48. The firm has a 50-day moving average of $61.38 and a two-hundred day moving average of $59.38.

Formula One Group (NASDAQ:FWONAGet 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 $0.64 by ($0.39). The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.23 billion.

Insider Buying and Selling at Formula One Group

In related news, major shareholder Berkshire Hathaway Inc purchased 543,977 shares of the firm’s stock in a transaction on Tuesday, January 16th. The stock was bought at an average cost of $30.43 per share, with a total value of $16,553,220.11. Following the completion of the acquisition, the insider now owns 22,311,974 shares of the company’s stock, valued at approximately $678,953,368.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have acquired 4,271,358 shares of company stock valued at $127,076,482.

Institutional Investors Weigh In On Formula One Group

Several large investors have recently bought and sold shares of the company. MetLife Investment Management LLC purchased a new stake in Formula One Group in the 1st quarter valued at about $30,000. Fred Alger Management LLC purchased a new stake in Formula One Group during the third quarter worth approximately $38,000. Brown Brothers Harriman & Co. raised its holdings in Formula One Group by 31.4% during the first quarter. Brown Brothers Harriman & Co. now owns 1,752 shares of the company’s stock worth $111,000 after purchasing an additional 419 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Formula One Group by 3.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 12,789 shares of the company’s stock valued at $723,000 after buying an additional 481 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS grew its position in shares of Formula One Group by 38.1% in the 4th quarter. Kornitzer Capital Management Inc. KS now owns 30,829 shares of the company’s stock valued at $1,787,000 after buying an additional 8,500 shares during the last quarter. 8.38% of the stock is currently owned by hedge funds and other institutional investors.

Formula One Group Company Profile

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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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