Formula One Group (NASDAQ:FWONK) Shares Sold by Fairview Capital Investment Management LLC

Fairview Capital Investment Management LLC lowered its stake in shares of Formula One Group (NASDAQ:FWONKFree Report) by 1.2% in the fourth quarter, HoldingsChannel reports. The firm owned 884,253 shares of the company’s stock after selling 10,469 shares during the quarter. Formula One Group makes up approximately 3.3% of Fairview Capital Investment Management LLC’s holdings, making the stock its 9th largest holding. Fairview Capital Investment Management LLC’s holdings in Formula One Group were worth $55,823,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FWONK. Janney Montgomery Scott LLC acquired a new position in Formula One Group during the 4th quarter worth $1,167,000. Russell Investments Group Ltd. boosted its position in Formula One Group by 156.3% during the 4th quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock worth $4,522,000 after acquiring an additional 43,675 shares during the period. Norman Fields Gottscho Capital Management LLC boosted its position in Formula One Group by 7.0% during the 4th quarter. Norman Fields Gottscho Capital Management LLC now owns 107,922 shares of the company’s stock worth $6,813,000 after acquiring an additional 7,037 shares during the period. Finally, Greenwood Gearhart Inc. boosted its position 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 acquiring an additional 9,992 shares during the period. Institutional investors and hedge funds own 92.26% of the company’s stock.

Analyst Upgrades and Downgrades

FWONK has been the subject of a number of analyst reports. StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Evercore ISI boosted their price target on Formula One Group from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $84.00.

Read Our Latest Research Report on FWONK

Formula One Group Price Performance

Shares of FWONK traded down $0.92 during midday trading on Wednesday, reaching $73.60. The stock had a trading volume of 207,100 shares, compared to its average volume of 1,149,223. Formula One Group has a 52 week low of $60.95 and a 52 week high of $78.58. The firm’s 50 day moving average price is $69.77 and its 200-day moving average price is $67.34. The company has a market capitalization of $17.30 billion and a P/E ratio of 54.39.

Formula One Group (NASDAQ:FWONKGet Free Report) last announced its earnings results on Wednesday, May 8th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.11 by $0.21. The company had revenue of $550.00 million for the quarter, compared to analysts’ expectations of $591.77 million. On average, equities analysts forecast that Formula One Group will post 1.2 earnings per share for the current year.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc bought 521,804 shares of Formula One Group stock in a transaction dated Friday, March 8th. The stock was acquired at an average cost of $29.86 per share, with a total value of $15,581,067.44. Following the completion of the acquisition, the insider now directly owns 25,753,346 shares in the company, valued at approximately $768,994,911.56. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Formula One Group news, major shareholder Berkshire Hathaway Inc acquired 521,804 shares of Formula One Group stock in a transaction that occurred on Friday, March 8th. The stock was purchased at an average cost of $29.86 per share, with a total value of $15,581,067.44. Following the purchase, the insider now owns 25,753,346 shares in the company, valued at $768,994,911.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman John C. Malone sold 89,951 shares of the stock in a transaction dated 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 of the company’s stock, valued at $179,176,527.90. The disclosure for this sale can be found here. Over the last three months, insiders purchased 5,035,307 shares of company stock valued at $137,495,051 and sold 229,103 shares valued at $15,940,449.

Formula One Group Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Formula One Group (NASDAQ:FWONK)

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