Ferrari (NYSE:RACE) Sees Large Volume Increase – Here’s Why

Shares of Ferrari (NYSE:RACE) saw an uptick in trading volume on Thursday . 509,197 shares were traded during trading, an increase of 46% from the previous session’s volume of 348,276 shares.The stock last traded at $462.99 and had previously closed at $480.00.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RACE shares. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a report on Thursday, February 6th. They set a “hold” rating on the stock. UBS Group upped their price objective on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Price Performance

The firm has a 50-day simple moving average of $448.41 and a 200-day simple moving average of $456.52. The firm has a market capitalization of $112.10 billion, a PE ratio of 50.26, a PEG ratio of 4.43 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. This represents a yield of 0.5%. This is a positive change from Ferrari’s previous annual dividend of $2.44. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari’s payout ratio is 5.63%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its position in Ferrari by 29.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,500 shares of the company’s stock valued at $1,179,000 after purchasing an additional 570 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Ferrari by 11.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,345 shares of the company’s stock valued at $1,102,000 after acquiring an additional 241 shares during the period. First Trust Direct Indexing L.P. increased its holdings in Ferrari by 8.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 3,656 shares of the company’s stock worth $1,719,000 after acquiring an additional 284 shares in the last quarter. Financial Advocates Investment Management raised its stake in Ferrari by 2.9% during the 3rd quarter. Financial Advocates Investment Management now owns 2,889 shares of the company’s stock worth $1,355,000 after acquiring an additional 81 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new position in Ferrari during the third quarter valued at approximately $29,000.

About Ferrari

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.