Insider Buying: Formula One Group (NASDAQ:FWONA) Major Shareholder Purchases 219,303 Shares of Stock

Formula One Group (NASDAQ:FWONA) major shareholder Berkshire Hathaway Inc acquired 219,303 shares of the business’s stock in a transaction on Friday, April 26th. The shares were purchased at an average price of $24.46 per share, for a total transaction of $5,364,151.38. Following the transaction, the insider now directly owns 35,182,219 shares of the company’s stock, valued at $860,557,076.74. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Wednesday, April 24th, Berkshire Hathaway Inc acquired 123,388 shares of Formula One Group stock. The shares were purchased at an average price of $25.22 per share, for a total transaction of $3,111,845.36.
• On Friday, April 12th, Berkshire Hathaway Inc acquired 413,227 shares of Formula One Group stock. The shares were purchased at an average price of $25.58 per share, for a total transaction of $10,570,346.66.
• On Wednesday, April 10th, Berkshire Hathaway Inc acquired 513,104 shares of Formula One Group stock. The shares were purchased at an average price of $25.96 per share, for a total transaction of $13,320,179.84.
• On Monday, April 8th, Berkshire Hathaway Inc acquired 938,896 shares of Formula One Group stock. The shares were purchased at an average price of $26.98 per share, for a total transaction of $25,331,414.08.
• On Thursday, April 4th, Berkshire Hathaway Inc acquired 1,250,000 shares of Formula One Group stock. The shares were purchased at an average price of $27.76 per share, for a total transaction of $34,700,000.00.
• On Wednesday, March 27th, Berkshire Hathaway Inc purchased 189,759 shares of Formula One Group stock. The stock was bought at an average price of $29.25 per share, for a total transaction of $5,550,450.75.
• On Monday, March 25th, Berkshire Hathaway Inc purchased 199,664 shares of Formula One Group stock. The stock was bought at an average price of $28.82 per share, for a total transaction of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc purchased 333,916 shares of Formula One Group stock. The stock was bought at an average price of $28.92 per share, for a total transaction of $9,656,850.72.
• On Monday, March 11th, Berkshire Hathaway Inc purchased 20,609 shares of Formula One Group stock. The stock was bought at an average price of $29.94 per share, for a total transaction of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc purchased 521,804 shares of Formula One Group stock. The stock was bought at an average price of $29.86 per share, for a total transaction of $15,581,067.44.

Formula One Group Stock Up 0.4 %

NASDAQ:FWONA traded up $0.24 during mid-day trading on Friday, reaching $61.63. The company’s stock had a trading volume of 109,844 shares, compared to its average volume of 95,067. Formula One Group has a 1 year low of $55.08 and a 1 year high of $69.48. The stock has a fifty day moving average of $61.33 and a 200-day moving average of $59.60.

Formula One Group (NASDAQ:FWONA) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.39). The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.23 billion.

Institutional Trading of Formula One Group

A number of hedge funds have recently added to or reduced their stakes in FWONA. Kornitzer Capital Management Inc. KS lifted its stake in Formula One Group by 38.1% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 30,829 shares of the company’s stock worth $1,787,000 after acquiring an additional 8,500 shares during the period. Strs Ohio lifted its stake in Formula One Group by 19.1% in the third quarter. Strs Ohio now owns 36,262 shares of the company’s stock worth $2,050,000 after acquiring an additional 5,812 shares during the period. Finally, Janney Montgomery Scott LLC lifted its stake in Formula One Group by 3.9% in 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. 8.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $73.00 price target on shares of Formula One Group in a report 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.