Ferrari (NYSE:RACE) Stock Price Crosses Below 50 Day Moving Average – Time to Sell?

Ferrari (NYSE:RACE)’s stock price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $444.77 and traded as low as $422.61. Ferrari shares last traded at $424.84, with a volume of 138,571 shares.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. UBS Group boosted their target price on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Evercore ISI lifted their price target on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Finally, StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Price Performance

The stock’s 50 day simple moving average is $443.37 and its two-hundred day simple moving average is $446.93. The firm has a market capitalization of $77.12 billion, a PE ratio of 48.48, a price-to-earnings-growth ratio of 4.26 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same quarter in the prior year, the business earned $1.98 earnings per share. Ferrari’s revenue was up 6.5% on a year-over-year basis. On average, sell-side analysts forecast that Ferrari will post 8.58 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Lord Abbett & CO. LLC lifted its position in Ferrari by 2.4% in the third quarter. Lord Abbett & CO. LLC now owns 83,191 shares of the company’s stock valued at $39,109,000 after acquiring an additional 1,967 shares during the last quarter. American Trust increased its position in shares of Ferrari by 117.0% during the third quarter. American Trust now owns 2,554 shares of the company’s stock worth $1,201,000 after purchasing an additional 1,377 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Ferrari by 60.0% in the 3rd quarter. Franklin Resources Inc. now owns 22,055 shares of the company’s stock valued at $10,707,000 after purchasing an additional 8,267 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Ferrari in the 3rd quarter valued at about $417,000. Finally, Sanctuary Advisors LLC grew its stake in Ferrari by 13.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 13,921 shares of the company’s stock worth $6,062,000 after buying an additional 1,623 shares during the last quarter.

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.