Ferrari (NYSE:RACE) Releases Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Ferrari (NYSE:RACE) issued its quarterly earnings results on Tuesday. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03), Briefing.com reports. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.98 earnings per share. Ferrari updated its FY 2024 guidance to 8.680- EPS.

Ferrari Price Performance

Shares of NYSE RACE traded up $10.05 during trading hours on Thursday, hitting $453.05. The company’s stock had a trading volume of 516,809 shares, compared to its average volume of 281,867. Ferrari has a 12 month low of $330.15 and a 12 month 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 business has a 50-day simple moving average of $472.17 and a 200-day simple moving average of $440.93.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RACE shares. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Evercore ISI increased their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. UBS Group upped their price objective on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

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.