Formula One Group (NASDAQ:FWONK) Short Interest Up 11.4% in March

Formula One Group (NASDAQ:FWONKGet Free Report) was the target of a large growth in short interest in the month of 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. Approximately 2.0% of the company’s stock are sold short. Based on an average daily volume of 1,070,000 shares, the days-to-cover ratio is presently 3.8 days.

Formula One Group Stock Performance

Shares of FWONK opened at $66.17 on Wednesday. Formula One Group has a 12 month low of $60.95 and a 12 month high of $78.58. The firm has a fifty day simple moving average of $68.33 and a 200 day simple moving average of $66.03.

Formula One Group (NASDAQ:FWONKGet Free Report) last issued its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $1.25 billion. Equities research analysts anticipate that Formula One Group will post 0.94 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FWONK. Morgan Stanley cut shares of Formula One Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $80.00 to $70.00 in a research report on Monday, December 18th. StockNews.com downgraded Formula One Group from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $82.67.

Get Our Latest Analysis on Formula One Group

Insider Activity at Formula One Group

In related news, major shareholder Berkshire Hathaway Inc bought 543,977 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were purchased at an average cost of $30.43 per share, for a total transaction of $16,553,220.11. Following the acquisition, the insider now owns 22,311,974 shares of the company’s stock, valued at approximately $678,953,368.82. The purchase was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders acquired 5,162,408 shares of company stock worth $154,412,919.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in shares of 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 purchasing an additional 73,369 shares during the last quarter. Ameriprise Financial Inc. increased its position in Formula One Group by 283.1% during the first 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 raised its stake in Formula One Group by 16.1% in the third quarter. California State Teachers Retirement System now owns 283,417 shares of the company’s stock valued at $16,580,000 after buying an additional 39,355 shares during the period. Greenwood Gearhart Inc. increased its holdings in shares of 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 last quarter. Finally, Neuberger Berman Group LLC lifted its holdings 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 valued at $10,094,000 after purchasing an additional 124,798 shares during the last quarter. 92.26% of the stock is owned by institutional investors and hedge funds.

About Formula One Group

(Get 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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