Formula One Group (NASDAQ:FWONA) Short Interest Update

Formula One Group (NASDAQ:FWONA) was the recipient of a significant drop in short interest in the month of June. As of June 15th, there was short interest totalling 437,400 shares, a drop of 5.7% from the May 31st total of 463,700 shares. Approximately 2.0% of the company’s shares are short sold. Based on an average daily trading volume, of 94,800 shares, the short-interest ratio is presently 4.6 days.

Insider Activity at Formula One Group

In other Formula One Group news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $34.06, for a total value of $1,802,148.66. Following the transaction, the insider now directly owns 4,999,007 shares of the company’s stock, valued at $170,266,178.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman John C. Malone sold 139,065 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $68.98, for a total transaction of $9,592,703.70. Following the completion of the sale, the chairman now directly owns 2,401,365 shares in the company, valued at $165,646,157.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 52,911 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $34.06, for a total value of $1,802,148.66. Following the completion of the transaction, the insider now owns 4,999,007 shares in the company, valued at approximately $170,266,178.42. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 3,769,555 shares of company stock worth $100,335,332 and have sold 282,072 shares worth $17,749,275.

Institutional Trading of Formula One Group

An institutional investor recently raised its position in Formula One Group stock. Janney Montgomery Scott LLC increased its position in shares of Formula One Group (NASDAQ:FWONA) by 13.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,413 shares of the company’s stock after acquiring an additional 1,600 shares during the period. Janney Montgomery Scott LLC’s holdings in Formula One Group were worth $788,000 as of its most recent filing with the Securities and Exchange Commission. 8.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Formula One Group from a “hold” rating to a “buy” rating and boosted their target price for the stock from $73.00 to $83.00 in a research report on Thursday, May 30th. Benchmark reissued a “buy” rating and set a $77.00 price target on shares of Formula One Group in a research report on Wednesday, May 22nd.

Formula One Group Stock Up 0.7 %

NASDAQ:FWONA traded up $0.48 during trading hours on Wednesday, reaching $65.11. 75,564 shares of the company’s stock were exchanged, compared to its average volume of 96,467. Formula One Group has a 12 month low of $55.08 and a 12 month high of $70.21. The business’s 50-day simple moving average is $64.94 and its two-hundred day simple moving average is $61.82. The company has a market capitalization of $15.30 billion and a P/E ratio of 47.53.

Formula One Group (NASDAQ:FWONA) last announced its earnings results on Wednesday, May 8th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.21. The company had revenue of $550.00 million for the quarter, compared to analyst estimates of $591.77 million. As a group, sell-side analysts anticipate that Formula One Group will post 1.47 earnings per share for the current fiscal year.

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.