Formula One Group (NASDAQ:FWONK) Short Interest Update

Formula One Group (NASDAQ:FWONK) was the recipient of a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 4,920,000 shares, an increase of 15.8% from the July 15th total of 4,250,000 shares. Based on an average daily trading volume, of 1,360,000 shares, the short-interest ratio is currently 3.6 days. Approximately 2.4% of the shares of the stock are short sold.

Insider Buying and Selling at Formula One Group

In other Formula One Group news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of Formula One Group stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $34.06, for a total value of $1,802,148.66. Following the transaction, the insider now owns 4,999,007 shares in the company, valued at $170,266,178.42. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Beach Investment Counsel Inc. PA bought a new stake in shares of Formula One Group during the 2nd quarter worth $48,000. Janney Montgomery Scott LLC purchased a new stake in Formula One Group in the 4th quarter worth approximately $1,167,000. Hahn Capital Management LLC raised its holdings in Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock worth $4,929,000 after purchasing an additional 17,219 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Formula One Group by 156.3% in the fourth quarter. Russell Investments Group Ltd. now owns 71,618 shares of the company’s stock worth $4,522,000 after buying an additional 43,675 shares during the period. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FWONK has been the subject of several research analyst reports. Morgan Stanley dropped their price objective on shares of Formula One Group from $83.00 to $80.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Evercore ISI boosted their price objective on shares of Formula One Group from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, June 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Formula One Group has a consensus rating of “Hold” and a consensus price target of $84.00.

Formula One Group Stock Down 0.0 %

Formula One Group stock traded down $0.02 during trading hours on Friday, hitting $77.00. The stock had a trading volume of 936,206 shares, compared to its average volume of 1,192,823. Formula One Group has a one year low of $60.95 and a one year high of $82.23. The stock has a market cap of $18.10 billion and a price-to-earnings ratio of 56.20. The business’s 50 day simple moving average is $75.36 and its 200-day simple moving average is $71.47.

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.