Societe Generale Begins Coverage on Ferrari (RACE)
Equities research analysts at Societe Generale assumed coverage on shares of Ferrari (NASDAQ:RACE) in a research note issued on Thursday. The firm set a “sell” rating and a $45.00 price target on the stock. Societe Generale’s target price suggests a potential downside of 15.90% from the stock’s current price.
Several other equities research analysts also recently commented on RACE. Morgan Stanley restated an “overweight” rating on shares of Ferrari in a report on Wednesday, June 29th. Zacks Investment Research cut Ferrari from a “hold” rating to a “sell” rating in a research report on Wednesday, July 6th.
Shares of Ferrari (NASDAQ:RACE) traded down 1.16% during trading on Thursday, reaching $52.89. 538,403 shares of the company were exchanged. The company has a 50 day moving average price of $49.93 and a 200-day moving average price of $44.94. Ferrari has a one year low of $31.66 and a one year high of $60.97. The stock has a market capitalization of $9.99 billion and a price-to-earnings ratio of 27.75.
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Ferrari (NASDAQ:RACE) last issued its earnings results on Tuesday, August 2nd. The company reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.08. Equities analysts predict that Ferrari will post $2.14 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Stifel Financial Corp bought a new position in shares of Ferrari during the second quarter valued at about $271,000. AJO LP acquired a new position in Ferrari during the second quarter valued at $286,000. Raymond James & Associates boosted its position in Ferrari by 6.9% in the second quarter. Raymond James & Associates now owns 7,423 shares of the company’s stock valued at $302,000 after buying an additional 482 shares in the last quarter. Carroll Financial Associates Inc. boosted its position in Ferrari by 0.5% in the third quarter. Carroll Financial Associates Inc. now owns 7,714 shares of the company’s stock valued at $400,000 after buying an additional 35 shares in the last quarter. Finally, Scotia Capital Inc. acquired a new position in Ferrari during the second quarter valued at $360,000.
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