Q1 2024 EPS Estimates for Formula One Group (NASDAQ:FWONK) Boosted by Seaport Res Ptn

Formula One Group (NASDAQ:FWONK) – Equities research analysts at Seaport Res Ptn boosted their Q1 2024 EPS estimates for Formula One Group in a report issued on Monday, April 15th. Seaport Res Ptn analyst D. Joyce now forecasts that the company will post earnings of $0.11 per share for the quarter, up from their previous forecast of $0.09. The consensus estimate for Formula One Group’s current full-year earnings is $0.94 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.

Separately, StockNews.com downgraded shares of Formula One Group from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $82.67.

Formula One Group Stock Performance

Shares of NASDAQ:FWONK traded down $0.38 during midday trading on Wednesday, hitting $67.28. 719,183 shares of the stock traded hands, compared to its average volume of 1,094,560. The business’s 50 day moving average is $68.38 and its two-hundred day moving average is $66.26. Formula One Group has a one year low of $60.95 and a one year high of $78.58.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.06). The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.25 billion.

Hedge Funds Weigh In On Formula One Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bessemer Group Inc. grew its holdings in shares of Formula One Group by 2,600.0% during the fourth quarter. Bessemer Group Inc. now owns 1,755 shares of the company’s stock valued at $105,000 after buying an additional 1,690 shares during the last quarter. MetLife Investment Management LLC bought a new stake in shares of Formula One Group during the 1st quarter valued at $277,000. Brown Brothers Harriman & Co. raised its position in shares of Formula One Group by 20.0% during the 1st quarter. Brown Brothers Harriman & Co. now owns 4,181 shares of the company’s stock valued at $292,000 after purchasing an additional 696 shares during the period. Allstate Investment Management Co. bought a new stake in shares of Formula One Group during the 4th quarter valued at $385,000. Finally, Janney Montgomery Scott LLC bought a new stake in shares of Formula One Group during the 4th quarter valued at $1,167,000. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Insider Activity at Formula One Group

In related news, major shareholder Berkshire Hathaway Inc purchased 650,224 shares of Formula One Group stock in a transaction that occurred on Tuesday, January 23rd. The shares were bought at an average price of $30.96 per share, for a total transaction of $20,130,935.04. Following the completion of the transaction, the insider now directly owns 47,118,902 shares of the company’s stock, valued at $1,458,801,205.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased 7,264,095 shares of company stock worth $207,506,924 over the last 90 days.

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.