Ferrari (NYSE:RACE) Sees Large Decrease in Short Interest

Ferrari (NYSE:RACE) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 1,350,000 shares, a decline of 18.2% from the August 15th total of 1,650,000 shares. Currently, 1.1% of the shares of the company are sold short. Based on an average daily trading volume, of 242,300 shares, the days-to-cover ratio is currently 5.6 days.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RACE shares. UBS Group boosted their target price on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Morgan Stanley upped their target price on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. One 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 data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $481.67.

Hedge Funds Weigh In On Ferrari

Several institutional investors have recently made changes to their positions in RACE. Rothschild Investment LLC purchased a new position in Ferrari during the second quarter valued at $29,000. IAG Wealth Partners LLC purchased a new position in Ferrari in the 1st quarter worth approximately $33,000. Register Financial Advisors LLC acquired a new position in shares of Ferrari during the 1st quarter worth approximately $33,000. Valley Wealth Managers Inc. purchased a new position in Ferrari during the second quarter worth approximately $33,000. Finally, Denver PWM LLC acquired a new position in Ferrari during the second quarter worth $35,000.

Ferrari Price Performance

NYSE RACE opened at $463.67 on Tuesday. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $85.66 billion, a P/E ratio of 59.22, a P/E/G ratio of 4.98 and a beta of 1.00. Ferrari has a 12-month low of $285.02 and a 12-month high of $498.23. The firm’s fifty day simple moving average is $447.72 and its two-hundred day simple moving average is $428.79.

Ferrari (NYSE:RACE) last released its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share 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 45.13%. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the firm earned $1.99 EPS. Ferrari’s revenue was up 16.1% compared to the same quarter last year. Analysts forecast that Ferrari will post 8.71 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.