Seaport Res Ptn Comments on Formula One Group’s Q1 2024 Earnings (NASDAQ:FWONK)

Formula One Group (NASDAQ:FWONK) – Analysts at Seaport Res Ptn boosted 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 post earnings per share of $0.11 for the quarter, up from their prior forecast of $0.09. The consensus estimate for Formula One Group’s current full-year earnings is $0.96 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.

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

Separately, StockNews.com lowered Formula One Group from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $82.67.

Formula One Group Trading Down 0.1 %

FWONK opened at $67.21 on Wednesday. Formula One Group has a 12 month low of $60.95 and a 12 month high of $78.58. The stock has a 50-day moving average of $68.44 and a 200 day moving average of $66.31.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc acquired 413,227 shares of the firm’s stock in a transaction on Friday, April 12th. The stock was acquired at an average price of $25.58 per share, with a total value of $10,570,346.66. Following the completion of the purchase, the insider now directly owns 69,044,244 shares in the company, valued at $1,766,151,761.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders purchased 7,264,095 shares of company stock worth $207,506,924. Corporate insiders own 4.31% of the company’s stock.

Institutional Trading of Formula One Group

Institutional investors have recently added to or reduced their stakes in the company. Greenwood Gearhart Inc. lifted its stake in Formula One Group by 6.1% in the third quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company’s stock worth $10,848,000 after purchasing an additional 9,992 shares during the last quarter. Norman Fields Gottscho Capital Management LLC boosted its holdings in shares of Formula One Group by 7.0% in the fourth quarter. Norman Fields Gottscho Capital Management LLC now owns 107,922 shares of the company’s stock valued at $6,813,000 after purchasing an additional 7,037 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Formula One Group by 16.1% in the third quarter. California State Teachers Retirement System now owns 283,417 shares of the company’s stock valued at $16,580,000 after purchasing an additional 39,355 shares during the period. Neuberger Berman Group LLC boosted its holdings in shares of Formula One Group by 643.6% in the first quarter. Neuberger Berman Group LLC now owns 144,189 shares of the company’s stock valued at $10,094,000 after purchasing an additional 124,798 shares during the period. Finally, Natixis Advisors L.P. boosted its holdings in shares of Formula One Group by 31.4% in the second quarter. Natixis Advisors L.P. now owns 25,151 shares of the company’s stock valued at $1,596,000 after purchasing an additional 6,014 shares during the period. Institutional investors own 92.26% of the company’s stock.

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.