Ferrari (NYSE:RACE) Releases FY 2024 Earnings Guidance

Ferrari (NYSE:RACE) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 8.150- for the period, compared to the consensus EPS estimate of 8.370. The company issued revenue guidance of $7.0 billion-, compared to the consensus revenue estimate of $7.1 billion.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RACE shares. Bank of America upped their price objective on Ferrari from $458.00 to $512.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Barclays downgraded shares of Ferrari from an overweight rating to an equal weight rating in a research note on Thursday, April 4th. Sanford C. Bernstein lifted their price objective on Ferrari from $448.00 to $512.00 and gave the company an outperform rating in a research report on Thursday, April 18th. StockNews.com upgraded shares of Ferrari from a hold rating to a buy rating in a research report on Thursday, May 2nd. Finally, Citigroup lowered Ferrari from a neutral rating to a sell rating in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Ferrari has a consensus rating of Hold and an average price target of $413.86.

Ferrari Price Performance

NYSE:RACE traded up $6.10 during mid-day trading on Wednesday, reaching $407.10. 189,233 shares of the company’s stock were exchanged, compared to its average volume of 306,788. Ferrari has a one year low of $283.20 and a one year high of $442.80. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.91 and a quick ratio of 2.98. The business’s fifty day simple moving average is $422.01 and its two-hundred day simple moving average is $377.48.

Ferrari Announces Dividend

The business also recently declared an annual dividend, which was paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd were paid a $2.443 dividend. This represents a dividend yield of 0.62%. The ex-dividend date of this dividend was Monday, April 22nd.

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.