Top 10 Stocks to Buy According to Jericho Capital Asset Management

6. Formula One Group (NASDAQ:FWONK)

Number of Hedge Fund Holders as of Q4: 50

Jericho Capital Asset Management’s Equity Stake: $337.08 Million 

Formula One Group (NASDAQ:FWONK) is a group of companies responsible for the promotion of the FIA Formula One World Championship and the exercising of the sport’s commercial rights. Headquartered in Englewood, Colorado, the company has reported its financial results for the fourth quarter and full year ending December 31, 2024. Operating through segments such as Formula One Group and Liberty Live Group, the company saw a 13.4% increase in total revenue, reaching $3.653 billion compared to $3.222 billion in 2023. Adjusted OIBDA for Formula One rose by 13% to $774 million, demonstrating continued growth in the sport’s commercial performance.

Formula One Group (NASDAQ:FWONK) also experienced a 9% rise in fan attendance, reaching 6.5 million spectators in 2024. Strengthening its global presence, the group extended race promotion agreements with key Grand Prix events, including those in Belgium, the Netherlands, China, Italy, and Monaco. It also secured a long-term extension with Crypto.com through 2030 and a new sponsorship deal with global lottery operator Allwyn. These partnerships highlight Formula 1’s growing commercial appeal and efforts to expand its brand reach. Meanwhile, Formula One Group (NASDAQ:FWONK)’s investment in Live Nation increased in value to $9.0 billion as of December 31, 2024, up from $7.625 billion in the previous quarter.

Looking forward, Formula One Group (NASDAQ:FWONK) remains committed to strategic expansion and operational efficiency. The company aims to capitalize on the continued success of Formula 1, integrate MotoGP into its portfolio, and optimize its business structure to enhance shareholder value. With a strong financial foundation and increasing global engagement, FWONK is well-positioned for sustained growth in the sports and entertainment industry. As of Q4 2024, Resnick held over 3.6 million shares of the company, valued at $337 million, making the stock 6th on the list of top 10 stocks to buy according to Jericho Capital Asset Management.