10% Owner GAMCO INVESTORS, INC. ET AL acquire 500 shares of Formula One Group [FWONK]

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Formula One Group shares valued at $13,130 were purchased by GAMCO INVESTORS, INC. ET AL on Jul 08. At $26.26 per share, GAMCO INVESTORS, INC. ET AL acquired 500 shares. The insider’s holdings grew to 19,000 shares worth approximately $1.27 million following the completion of this transaction.

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Also, GAMCO INVESTORS, INC. ET AL purchased 2,000 shares, netting a total of over 50,000 in proceeds. Following the buying of shares at $25.00 each, the insider now holds 12,000 shares.

Before that, GAMCO INVESTORS, INC. ET AL had added 1,000 shares to its account. In a trade valued at $25,550, the 10% Owner bought Formula One Group shares for $25.55 each. Upon closing the transaction, the insider’s holdings increased to 1,000 shares, worth approximately $1.24 million.

As published in their initiating research note from Rosenblatt on April 26, 2022, Formula One Group [FWONK] has been a Buy and the price target has been revised to $81. This represents a 17.54% premium over Thursday’s closing price. Analysts at Goldman started covering the stock with ‘”a Neutral”‘ outlook in a report released in mid July. As of September 30, 2020, Berenberg has initiated its “Buy” rating for FWONK. Earlier on May 16, 2019, B. Riley FBR upgraded its rating. Their new recommendation was “a Buy” for FWONK stock which previously was a “a Neutral”.

Analyzing FWONK’s Price Performance

On Thursday, Formula One Group [NASDAQ: FWONK] rose 0.29% to $66.79. The stock’s lowest price that day was $66.29, but it reached a high of $67.21 in the same session. During the last five days, there has been a surge of approximately 2.42%. Over the course of the year, Formula One Group shares have jumped approximately 5.61%. Shares of the company reached a 52-week high of $71.17 on 04/21/22 and a 52-week low of $54.31 on 05/10/22. A 50-day SMA is recorded $62.28, while a 200-day SMA reached $61.64. Nevertheless, trading volume fell to 1.01 million shares from 0.69 million shares the previous day.

Support And Resistance Levels for Formula One Group (FWONK)

According to the 24-hour chart, there is a support level at 66.32, which, if violated, would cause prices to drop to 65.84. In the upper region, resistance lies at 67.24. The next price resistance is at 67.68. RSI (Relative Strength Index) is 64.72 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.08, which suggests the price will increase in the coming days. Percent R is at 16.82%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is Formula One Group subject to short interest?

Stocks of Formula One Group saw a sharp rise in short interest on Jul 14, 2022 jumping by 2.06 million shares to 12.65 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 10.59 million shares. A jump of 16.28% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 11.9 of the overall float, the days-to-cover ratio (short ratio) jumped to 11.9.

Which companies own the most shares of Formula One Group (FWONK)?

According to T. Rowe Price Associates, Inc. filings, the company currently owns 23,780,802 shares, which is about 11.56% of the total FWONK shares outstanding. The investor’s shares have appreciated by 4,404,850 from its previous 13-F filing of 19375952.0 shares. With the completion of the sale transaction, The Vanguard Group, Inc.’s stake is now worth $1,067,466,006. Caledonia reduced a -8.12% interest valued at $995.49 million while Janus Henderson Investors US LLC sold a -1,761,666 stake. A total of -289,019 shares of Formula One Group were sold by Ruane, Cunniff & Goldfarb LP during the quarter, and 3,481,364 were bought by Fidelity Management & Research Co. In its current portfolio, Sculptor Capital LP holds 8,333,904 shares valued at $528.95 million.

In terms of Formula One Group share price expectations, FactSet research, analysts set an average price target of $67.78 in the next 12 months, up nearly 8.11% from the previous closing price of $66.60. Analysts anticipate Formula One Group stock to reach $77.00 by 2022, with the lowest price target being $50.00. In spite of this, 10 analysts ranked Formula One Group stock as an Overweight at the end of 2022.


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