Formula One Group (NASDAQ:FWONA) Short Interest Up 15.4% in July

Formula One Group (NASDAQ:FWONA) was the target of a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 445,300 shares, a growth of 15.4% from the July 15th total of 385,900 shares. Currently, 2.0% of the company’s stock are short sold. Based on an average daily trading volume, of 107,600 shares, the days-to-cover ratio is presently 4.1 days.

Formula One Group Price Performance

Shares of NASDAQ FWONA traded up $0.37 during midday trading on Friday, hitting $70.22. 70,507 shares of the company’s stock were exchanged, compared to its average volume of 98,067. Formula One Group has a twelve month low of $55.08 and a twelve month high of $75.50. The company has a market cap of $16.50 billion and a PE ratio of 51.26. The firm’s fifty day simple moving average is $68.24 and its 200-day simple moving average is $64.47.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FWONA. Benchmark raised their target price on Formula One Group from $77.00 to $81.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft raised Formula One Group from a “hold” rating to a “buy” rating and raised their target price for the stock from $73.00 to $83.00 in a research report on Thursday, May 30th.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 52,911 shares of Formula One Group 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.83% of the company’s stock.

Institutional Investors Weigh In On Formula One Group

An institutional investor recently raised its position in Formula One Group stock. Kornitzer Capital Management Inc. KS raised its position in Formula One Group (NASDAQ:FWONA) by 38.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,829 shares of the company’s stock after buying an additional 8,500 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Formula One Group were worth $1,787,000 as of its most recent filing with the Securities and Exchange Commission. 8.38% of the stock is owned by institutional investors.

Formula One Group Company Profile

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.