Ferrari N.V. (RACE) Upgraded at TheStreet
Ferrari N.V. (NYSE:RACE) was upgraded by investment analysts at TheStreet from a “c” rating to a “b-” rating in a note issued to investors on Friday.
A number of other analysts have also commented on RACE. Morgan Stanley lowered Ferrari N.V. from an “overweight” rating to an “underweight” rating and set a $100.00 price objective for the company. in a research report on Thursday, September 7th. Evercore ISI lifted their price objective on Ferrari N.V. from $46.00 to $105.00 and gave the stock an “in-line” rating in a research report on Friday, September 1st. UBS AG reiterated a “buy” rating and issued a $125.00 price objective (up from $100.00) on shares of Ferrari N.V. in a research report on Wednesday, August 9th. Goldman Sachs Group, Inc. (The) initiated coverage on Ferrari N.V. in a research report on Wednesday, September 13th. They issued a “neutral” rating and a $131.00 price objective for the company. Finally, Berenberg Bank reiterated a “buy” rating on shares of Ferrari N.V. in a research report on Monday, August 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $109.86.
Ferrari N.V. (NYSE RACE) traded up 0.75% during midday trading on Friday, reaching $114.56. 341,845 shares of the company traded hands. The company has a 50-day moving average price of $113.00 and a 200-day moving average price of $97.23. The company has a market cap of $21.65 billion, a price-to-earnings ratio of 37.38 and a beta of 1.71. Ferrari N.V. has a 12-month low of $50.39 and a 12-month high of $118.10.
Ferrari N.V. (NYSE:RACE) last announced its earnings results on Wednesday, August 2nd. The company reported $0.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.13. Ferrari N.V. had a return on equity of 128.49% and a net margin of 14.43%. The company had revenue of $1.01 billion during the quarter. On average, analysts predict that Ferrari N.V. will post $3.19 earnings per share for the current fiscal year.
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A number of institutional investors and hedge funds have recently modified their holdings of RACE. Victory Capital Management Inc. bought a new position in Ferrari N.V. during the first quarter worth about $127,000. Aviance Capital Management LLC bought a new position in Ferrari N.V. during the second quarter worth about $130,000. PNC Financial Services Group Inc. boosted its holdings in Ferrari N.V. by 48.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,798 shares of the company’s stock worth $135,000 after buying an additional 586 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Ferrari N.V. by 1.2% during the second quarter. Quadrant Capital Group LLC now owns 1,976 shares of the company’s stock worth $162,000 after buying an additional 24 shares during the last quarter. Finally, Opera Trading Capital bought a new position in Ferrari N.V. during the second quarter worth about $172,000. Hedge funds and other institutional investors own 29.79% of the company’s stock.
About Ferrari N.V.
Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 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.
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