Ferrari (NYSE:RACE) Lifted to “Buy” at StockNews.com

Ferrari (NYSE:RACE) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

A number of other analysts have also recently weighed in on RACE. Bank of America increased their price target on shares of Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Jefferies Financial Group initiated coverage on shares of Ferrari in a research report on Friday, May 10th. They set a “hold” rating and a $403.00 price target on the stock. Sanford C. Bernstein lifted their price objective on shares of Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Morgan Stanley reiterated an “overweight” rating and set a $400.00 price objective on shares of Ferrari in a research note on Monday, April 22nd. Finally, UBS Group lifted their price target on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $461.67.

Ferrari Price Performance

NYSE:RACE traded down $10.57 on Monday, hitting $423.02. The stock had a trading volume of 546,896 shares, compared to its average volume of 273,603. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18. The company has a fifty day moving average price of $417.91 and a two-hundred day moving average price of $410.16. Ferrari has a 1-year low of $285.02 and a 1-year high of $442.80.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping the consensus estimate of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.20%. The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the business posted $1.99 EPS. The business’s revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, equities research analysts predict that Ferrari will post 8.51 earnings per share for the current year.

Institutional Trading of Ferrari

Hedge funds have recently bought and sold shares of the company. Rothschild Investment LLC bought a new position in Ferrari during the second quarter valued at approximately $29,000. IAG Wealth Partners LLC acquired a new stake in Ferrari during the first quarter worth $33,000. Register Financial Advisors LLC acquired a new stake in Ferrari during the first quarter worth $33,000. Denver PWM LLC bought a new position in shares of Ferrari during the second quarter valued at $35,000. Finally, Pittenger & Anderson Inc. lifted its holdings in shares of Ferrari by 168.6% during the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock valued at $41,000 after acquiring an additional 59 shares during the period.

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.