516 Shares in Ferrari (NYSE:RACE) Bought by Ironsides Asset Advisors LLC

Ironsides Asset Advisors LLC purchased a new stake in Ferrari (NYSE:RACE) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 516 shares of the company’s stock, valued at approximately $243,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rothschild Investment LLC acquired a new stake in shares of Ferrari in the second quarter valued at about $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of Ferrari during the 3rd quarter worth approximately $29,000. Valley Wealth Managers Inc. bought a new stake in shares of Ferrari during the 2nd quarter worth approximately $33,000. Denver PWM LLC acquired a new stake in shares of Ferrari in the 2nd quarter valued at approximately $35,000. Finally, FSC Wealth Advisors LLC acquired a new stake in shares of Ferrari in the 3rd quarter valued at approximately $47,000.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the company from $385.00 to $525.00 in a report on Friday, October 11th. Morgan Stanley lifted their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Evercore ISI boosted their price target on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Finally, UBS Group raised their price objective on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Price Performance

NYSE:RACE opened at $443.01 on Thursday. Ferrari has a 52 week low of $330.15 and a 52 week high of $498.23. 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’s 50-day simple moving average is $472.17 and its 200 day simple moving average is $440.93.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.98 earnings per share. On average, analysts forecast that Ferrari will post 8.65 EPS for the current fiscal year.

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.