Formula One Group (NASDAQ:FWONA) Major Shareholder Acquires $10,570,346.66 in Stock

Formula One Group (NASDAQ:FWONA) major shareholder Berkshire Hathaway Inc purchased 413,227 shares of Formula One Group stock in a transaction on Friday, April 12th. The shares were purchased at an average cost of $25.58 per share, with a total value of $10,570,346.66. Following the transaction, the insider now owns 69,044,244 shares in the company, valued at $1,766,151,761.52. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Wednesday, April 10th, Berkshire Hathaway Inc bought 513,104 shares of Formula One Group stock. The shares were acquired at an average price of $25.96 per share, with a total value of $13,320,179.84.
• On Monday, April 8th, Berkshire Hathaway Inc bought 938,896 shares of Formula One Group stock. The stock was acquired at an average cost of $26.98 per share, with a total value of $25,331,414.08.
• On Thursday, April 4th, Berkshire Hathaway Inc purchased 1,250,000 shares of Formula One Group stock. The shares were acquired at an average cost of $27.76 per share, for a total transaction of $34,700,000.00.
• On Wednesday, March 27th, Berkshire Hathaway Inc acquired 189,759 shares of Formula One Group stock. The stock was bought at an average price of $29.25 per share, with a total value of $5,550,450.75.
• On Monday, March 25th, Berkshire Hathaway Inc purchased 199,664 shares of Formula One Group stock. The shares were bought at an average cost of $28.82 per share, for a total transaction of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc bought 333,916 shares of Formula One Group stock. The stock was purchased at an average cost of $28.92 per share, with a total value of $9,656,850.72.
• On Monday, March 11th, Berkshire Hathaway Inc purchased 20,609 shares of Formula One Group stock. The shares were purchased at an average cost of $29.94 per share, for a total transaction of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc acquired 521,804 shares of Formula One Group stock. The stock was purchased at an average cost of $29.86 per share, with a total value of $15,581,067.44.
• On Wednesday, March 6th, Berkshire Hathaway Inc bought 1,188,000 shares of Formula One Group stock. The stock was purchased at an average cost of $29.39 per share, for a total transaction of $34,915,320.00.
• On Monday, March 4th, Berkshire Hathaway Inc purchased 234,194 shares of Formula One Group stock. The shares were acquired at an average price of $28.77 per share, with a total value of $6,737,761.38.

Formula One Group Trading Down 2.8 %

Shares of FWONA opened at $59.49 on Friday. Formula One Group has a 52 week low of $55.08 and a 52 week high of $69.48. The firm’s 50-day simple moving average is $61.23 and its 200 day simple moving average is $59.51.

Formula One Group (NASDAQ:FWONA) last posted its earnings results on Wednesday, February 28th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.39). The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.23 billion.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kornitzer Capital Management Inc. KS lifted its holdings in shares of Formula One Group by 38.1% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 30,829 shares of the company’s stock worth $1,787,000 after buying an additional 8,500 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Formula One Group by 3.9% during the third quarter. Janney Montgomery Scott LLC now owns 12,789 shares of the company’s stock worth $723,000 after acquiring an additional 481 shares during the period. Strs Ohio raised its stake in Formula One Group by 19.1% in the 3rd quarter. Strs Ohio now owns 36,262 shares of the company’s stock worth $2,050,000 after purchasing an additional 5,812 shares in the last quarter. Geode Capital Management LLC raised its stake in Formula One Group by 5.2% in the 1st quarter. Geode Capital Management LLC now owns 272,763 shares of the company’s stock worth $18,412,000 after purchasing an additional 13,483 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Formula One Group by 0.3% in the 1st quarter. Bank of New York Mellon Corp now owns 72,448 shares of the company’s stock valued at $4,890,000 after purchasing an additional 228 shares during the period. 8.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $73.00 price objective on shares of Formula One Group in a research note on Tuesday, April 2nd.

About Formula One Group

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.