Ferrari (NASDAQ:RACE) Receives Consensus Recommendation of “Strong Buy” from Brokerages
Ferrari (NASDAQ:RACE) has been assigned a consensus broker rating score of 1.33 (Strong Buy) from the three brokers that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. Ferrari’s rating score has improved by 24% in the last 90 days as a result of a number of analysts’ ratings changes.
Brokerages have set a 1-year consensus price objective of $56.33 for the company and are expecting that the company will post $0.57 EPS for the current quarter, according to Zacks. Zacks has also given Ferrari an industry rank of 59 out of 265 based on the ratings given to its competitors.
A number of brokerages recently weighed in on RACE. Zacks Investment Research upgraded shares of Ferrari from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a report on Saturday, August 20th. Morgan Stanley reiterated an “overweight” rating and set a $56.00 price objective (up previously from $54.00) on shares of Ferrari in a report on Wednesday, August 17th.
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Several large investors have recently bought and sold shares of the stock. Baillie Gifford & Co. raised its stake in Ferrari by 6.3% in the second quarter. Baillie Gifford & Co. now owns 13,077,533 shares of the company’s stock valued at $532,493,000 after buying an additional 772,620 shares in the last quarter. Emerald Acquisition Ltd. acquired a new stake in Ferrari during the second quarter valued at approximately $7,080,000. Employees Retirement System of Texas acquired a new stake in Ferrari during the second quarter valued at approximately $3,602,000. Citigroup Inc. raised its stake in Ferrari by 53.7% in the second quarter. Citigroup Inc. now owns 215,110 shares of the company’s stock valued at $8,805,000 after buying an additional 75,128 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its stake in Ferrari by 84.1% in the second quarter. Parametric Portfolio Associates LLC now owns 157,333 shares of the company’s stock valued at $6,440,000 after buying an additional 71,865 shares in the last quarter.
Shares of Ferrari (NASDAQ:RACE) traded down 0.59% on Tuesday, reaching $47.45. 75,826 shares of the company were exchanged. The stock has a market capitalization of $8.96 billion and a price-to-earnings ratio of 24.73. The firm’s 50 day moving average price is $48.04 and its 200 day moving average price is $43.75. Ferrari has a 52 week low of $31.66 and a 52 week high of $60.97.
Ferrari (NASDAQ:RACE) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.08. Equities research analysts anticipate that Ferrari will post $2.15 EPS for the current year.
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