Zacks Investment Research cut shares of Ferrari (NYSE:RACE) from a hold rating to a sell rating in a research report report published on Tuesday.
According to Zacks, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A as well as two grand tourer (GT) cars: California T and FF. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy. “
Several other research analysts also recently issued reports on the company. Sanford C. Bernstein raised Ferrari from an underperform rating to a market perform rating and set a $112.29 price target for the company in a research note on Tuesday. ValuEngine cut Ferrari from a buy rating to a hold rating in a research report on Thursday, November 8th. Jefferies Financial Group cut Ferrari from a buy rating to a hold rating in a research report on Thursday, October 11th. Societe Generale upgraded Ferrari from a sell rating to a hold rating and lifted their price target for the company from $94.00 to $130.00 in a report on Wednesday, October 10th. Finally, Morgan Stanley restated an equal weight rating and issued a $140.00 price target (up previously from $120.00) on shares of Ferrari in a report on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. Ferrari has an average rating of Hold and a consensus price target of $142.72.
Ferrari stock traded up $0.05 during midday trading on Tuesday, reaching $113.76. The company’s stock had a trading volume of 16,858 shares, compared to its average volume of 372,160. Ferrari has a fifty-two week low of $93.85 and a fifty-two week high of $149.85. The company has a debt-to-equity ratio of 1.53, a quick ratio of 3.40 and a current ratio of 4.05. The company has a market cap of $21.38 billion, a P/E ratio of 35.67, a price-to-earnings-growth ratio of 2.04 and a beta of 1.34.
Ferrari (NYSE:RACE) last released its quarterly earnings results on Monday, November 5th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.02. The business had revenue of $838.00 million during the quarter, compared to the consensus estimate of $864.50 million. Ferrari had a return on equity of 62.07% and a net margin of 21.34%. The business’s revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.74 EPS. Sell-side analysts predict that Ferrari will post 3.57 EPS for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RACE. Belpointe Asset Management LLC acquired a new position in shares of Ferrari in the 3rd quarter valued at about $111,000. Rehmann Capital Advisory Group lifted its position in Ferrari by 446.8% during the 3rd quarter. Rehmann Capital Advisory Group now owns 864 shares of the company’s stock worth $118,000 after acquiring an additional 706 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new position in Ferrari during the 3rd quarter worth approximately $120,000. Advisor Partners LLC acquired a new position in Ferrari during the 3rd quarter worth approximately $209,000. Finally, HRT Financial LLC acquired a new position in Ferrari during the 3rd quarter worth approximately $230,000. 34.48% of the stock is currently owned by institutional investors and hedge funds.
Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports cars, GT cars, special series cars, limited edition supercars, limited editions series, and one-off cars; and open air roadsters and two-seater mid-rear-engined roadsters.
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