StockNews.com Downgrades Ferrari (NYSE:RACE) to Hold

StockNews.com cut shares of Ferrari (NYSE:RACE) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

A number of other brokerages have also recently weighed in on RACE. Morgan Stanley lifted their price objective on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. UBS Group lifted their target price on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a report on Monday, June 24th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $487.86.

Ferrari Stock Performance

Shares of Ferrari stock opened at $482.35 on Wednesday. The business’s fifty day simple moving average is $469.46 and its 200-day simple moving average is $435.50. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. The firm has a market cap of $89.11 billion, a PE ratio of 61.60, a price-to-earnings-growth ratio of 5.00 and a beta of 0.99. Ferrari has a 52 week low of $296.34 and a 52 week high of $498.23.

Ferrari (NYSE:RACE) last announced its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.08. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. Ferrari’s revenue was up 16.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.99 earnings per share. Equities analysts forecast that Ferrari will post 8.81 earnings per share for the current year.

Institutional Investors Weigh In On Ferrari

Several institutional investors have recently added to or reduced their stakes in the business. Raymond James & Associates increased its stake in Ferrari by 1.4% in the third quarter. Raymond James & Associates now owns 50,940 shares of the company’s stock valued at $23,948,000 after purchasing an additional 693 shares during the last quarter. First Citizens Bank & Trust Co. boosted its holdings in shares of Ferrari by 24.5% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 980 shares of the company’s stock valued at $461,000 after buying an additional 193 shares in the last quarter. Marshall Financial Group LLC grew its position in shares of Ferrari by 1.1% in the 3rd quarter. Marshall Financial Group LLC now owns 2,732 shares of the company’s stock valued at $1,284,000 after buying an additional 30 shares during the last quarter. Bleakley Financial Group LLC raised its stake in Ferrari by 2.9% during the 3rd quarter. Bleakley Financial Group LLC now owns 3,408 shares of the company’s stock worth $1,601,000 after acquiring an additional 97 shares in the last quarter. Finally, Good Life Advisors LLC lifted its position in Ferrari by 3.2% in the third quarter. Good Life Advisors LLC now owns 1,097 shares of the company’s stock valued at $516,000 after acquiring an additional 34 shares during the last quarter.

Ferrari Company Profile

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.