Formula One Group (NASDAQ:FWONK) Stock Passes Above 50-Day Moving Average of $69.02

Formula One Group (NASDAQ:FWONK) shares crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $69.02 and traded as high as $76.17. Formula One Group shares last traded at $72.07, with a volume of 3,053,581 shares traded.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th.

Formula One Group Price Performance

The firm has a fifty day moving average of $69.02 and a 200-day moving average of $66.46.

Formula One Group (NASDAQ:FWONK) last posted its earnings results on Wednesday, February 28th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.06). The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.25 billion. On average, analysts forecast that Formula One Group will post 0.96 earnings per share for the current year.

Insiders Place Their Bets

In other Formula One Group news, major shareholder Berkshire Hathaway Inc bought 20,609 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were purchased at an average cost of $29.94 per share, for a total transaction of $617,033.46. Following the transaction, the insider now directly owns 25,773,955 shares in the company, valued at $771,672,212.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders bought 6,457,501 shares of company stock worth $179,148,132.

Hedge Funds Weigh In On Formula One Group

Several large investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC bought a new stake in shares of Formula One Group in the 4th quarter worth $1,167,000. Russell Investments Group Ltd. grew its holdings in Formula One Group by 156.3% during the fourth quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock worth $4,522,000 after acquiring an additional 43,675 shares during the period. Norman Fields Gottscho Capital Management LLC raised its position in 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 worth $6,813,000 after acquiring an additional 7,037 shares in the last quarter. Finally, Greenwood Gearhart Inc. lifted its holdings in Formula One Group by 6.1% in the 3rd quarter. Greenwood Gearhart Inc. now owns 174,111 shares of the company’s stock valued at $10,848,000 after acquiring an additional 9,992 shares during the last quarter. Institutional investors and hedge funds 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.