Q1 2024 Earnings Forecast for Formula One Group (NASDAQ:FWONK) Issued By Seaport Res Ptn

Formula One Group (NASDAQ:FWONK) – Analysts at Seaport Res Ptn lifted their Q1 2024 earnings per share (EPS) estimates for Formula One Group in a note issued to investors on Monday, April 15th. Seaport Res Ptn analyst D. Joyce now expects that the company will earn $0.11 per share for the quarter, up from their prior forecast of $0.09. The consensus estimate for Formula One Group’s current full-year earnings is $0.94 per share. Seaport Res Ptn also issued estimates for Formula One Group’s Q2 2024 earnings at $0.33 EPS, Q4 2024 earnings at $0.39 EPS, FY2024 earnings at $1.15 EPS and FY2025 earnings at $1.46 EPS.

Separately, StockNews.com downgraded shares of 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 given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Formula One Group has an average rating of “Hold” and an average target price of $82.67.

Formula One Group Trading Down 0.6 %

Shares of NASDAQ:FWONK opened at $67.28 on Wednesday. Formula One Group has a one year low of $60.95 and a one year high of $78.58. The stock has a fifty day moving average of $68.42 and a 200-day moving average of $66.30.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.06). The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.25 billion.

Institutional Investors Weigh In On Formula One Group

Hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. raised its position in Formula One Group by 2,600.0% in the fourth quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock worth $105,000 after purchasing an additional 1,690 shares in the last quarter. MetLife Investment Management LLC acquired a new position in Formula One Group in the first quarter worth about $277,000. Brown Brothers Harriman & Co. raised its position in Formula One Group by 20.0% in the first quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock worth $292,000 after purchasing an additional 696 shares in the last quarter. Allstate Investment Management Co. acquired a new position in Formula One Group in the fourth quarter worth about $385,000. Finally, Janney Montgomery Scott LLC acquired a new position in Formula One Group in the fourth quarter worth about $1,167,000. Institutional investors own 92.26% of the company’s stock.

Insider Buying and Selling at Formula One Group

In other news, major shareholder Berkshire Hathaway Inc purchased 139,132 shares of the firm’s stock in a transaction on Thursday, January 25th. The stock was bought at an average cost of $30.99 per share, for a total transaction of $4,311,700.68. Following the completion of the acquisition, the insider now directly owns 47,471,419 shares of the company’s stock, valued at $1,471,139,274.81. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders bought 7,264,095 shares of company stock worth $207,506,924 over the last ninety days.

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.