Ferrari (RACE) Cut to Sell at Zacks Investment Research
Ferrari (NASDAQ:RACE) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A as well as two grand tourer (GT) cars: California T and FF. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy. “
A number of other research analysts have also recently issued reports on RACE. Morgan Stanley reiterated an “overweight” rating on shares of Ferrari in a research note on Wednesday, June 29th. Societe Generale began coverage on shares of Ferrari in a research report on Thursday, October 13th. They issued a “sell” rating and a $45.00 price objective for the company.
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Shares of Ferrari (NASDAQ:RACE) opened at 52.40 on Wednesday. The stock has a 50 day moving average price of $50.37 and a 200 day moving average price of $45.28. Ferrari has a 12 month low of $31.66 and a 12 month high of $60.97. The firm has a market cap of $9.90 billion and a PE ratio of 27.49.
Ferrari (NASDAQ:RACE) last posted its earnings results on Tuesday, August 2nd. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.08. On average, equities research analysts expect that Ferrari will post $2.14 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Stifel Financial Corp bought a new position in Ferrari during the second quarter valued at $271,000. AJO LP acquired a new stake in shares of Ferrari during the second quarter valued at approximately $286,000. Raymond James & Associates boosted its stake in shares of 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 during the last quarter. Carroll Financial Associates Inc. boosted its stake in shares of 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 during the last quarter. Finally, Scotia Capital Inc. acquired a new stake in shares of Ferrari during the second quarter valued at approximately $360,000.
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