Formula One Group (NASDAQ:FWONK) Sees Significant Decline in Short Interest

Formula One Group (NASDAQ:FWONK) was the recipient of a large decline in short interest in March. As of March 31st, there was short interest totalling 3,630,000 shares, a decline of 9.7% from the March 15th total of 4,020,000 shares. Currently, 1.8% of the shares of the stock are short sold. Based on an average trading volume of 1,110,000 shares, the short-interest ratio is presently 3.3 days.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Formula One Group from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Formula One Group currently has an average rating of “Moderate Buy” and a consensus target price of $82.67.

Formula One Group Stock Down 0.6 %

FWONK stock traded down $0.38 during trading on Wednesday, reaching $67.28. 719,183 shares of the stock were exchanged, compared to its average volume of 1,094,560. The firm’s 50 day moving average is $68.38 and its 200 day moving average is $66.26. Formula One Group has a twelve month low of $60.95 and a twelve month high of $78.58.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.06). The firm had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.25 billion. On average, research analysts expect that Formula One Group will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Formula One Group

In related news, major shareholder Berkshire Hathaway Inc acquired 139,132 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was purchased at an average cost of $30.99 per share, with a total value of $4,311,700.68. Following the acquisition, the insider now directly owns 47,471,419 shares of the company’s stock, valued at $1,471,139,274.81. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders purchased 7,264,095 shares of company stock valued at $207,506,924 in the last three months.

Hedge Funds Weigh In On Formula One Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. raised its position in shares of 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 buying an additional 1,690 shares in the last quarter. MetLife Investment Management LLC purchased a new stake in shares of Formula One Group in the first quarter worth $277,000. Brown Brothers Harriman & Co. raised its position in shares of 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 buying an additional 696 shares in the last quarter. Allstate Investment Management Co. purchased a new stake in shares of Formula One Group in the fourth quarter worth $385,000. Finally, Janney Montgomery Scott LLC purchased a new stake in Formula One Group during the fourth quarter valued at about $1,167,000. 92.26% of the stock is owned by institutional investors.

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.