Ferrari N.V. $RACE Stock Holdings Trimmed by Hsbc Holdings PLC

Hsbc Holdings PLC lessened its position in shares of Ferrari N.V. (NYSE:RACE) by 93.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,699 shares of the company’s stock after selling 52,494 shares during the quarter. Hsbc Holdings PLC’s holdings in Ferrari were worth $1,376,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Rockefeller Capital Management L.P. raised its holdings in shares of Ferrari by 180.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 42,191 shares of the company’s stock worth $15,593,000 after purchasing an additional 27,159 shares during the period. World Investment Advisors increased its stake in shares of Ferrari by 7.4% in the fourth quarter. World Investment Advisors now owns 2,007 shares of the company’s stock valued at $742,000 after purchasing an additional 139 shares during the period. Nalls Sherbakoff Group LLC bought a new stake in Ferrari during the 4th quarter valued at $739,000. SHP Wealth Management acquired a new position in shares of Ferrari during the fourth quarter valued at $326,000. Finally, EJMK Ventures LLC bought a new stake in shares of Ferrari during the fourth quarter valued at about $416,000.

Key Ferrari News

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Mercedes boss Toto Wolff said Ferrari could challenge Mercedes for the rest of the F1 season, a comment that may boost sentiment around Ferrari’s competitive outlook and brand visibility. Toto Wolff warns Ferrari will challenge Mercedes for ‘rest of the F1 season’
• Positive Sentiment: Ferrari’s Madrid track filming day and its data-gathering efforts ahead of rivals highlight ongoing F1 development, which can support enthusiasm around the team’s performance momentum. First look: Ferrari gives Madrid track its F1 debut on filming day Ferrari begins gathering what could be crucial data ahead of its F1 rivals
• Neutral Sentiment: Several articles covered Ferrari cars in drag races and enthusiast content, which may help brand exposure but is unlikely to materially affect the stock. Is the Ferrari Pista faster than the Ferrari F8 Tributo in drag race? Lamborghini Revuelto faces Ferrari 296 GTB in drag race
• Negative Sentiment: An article on Ferrari’s Austria engine upgrade said the race exposed problems the update could not fix, which could weigh on sentiment if investors view it as a sign of persistent performance issues in F1. Ferrari brought an engine upgrade to Austria – then the race exposed everything it could not fix
• Negative Sentiment: Coverage of a Ferrari race car crash at Watkins Glen and a classic Mini destroying a tuned Ferrari in a drag race may be mildly negative for brand optics, though likely limited in financial impact. Ferrari race car crash at Watkins Glen during 130 mph run Classic Mini Destroys Tuned Ferrari 488 In Wild Drag Race Battle

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on RACE shares. UBS Group increased their target price on shares of Ferrari from $483.00 to $497.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Morgan Stanley raised shares of Ferrari from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $388.00 to $438.00 in a research note on Monday, June 15th. Wolfe Research initiated coverage on shares of Ferrari in a research note on Tuesday, July 7th. They set an “outperform” rating on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a report on Wednesday. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Ferrari in a research note on Tuesday, June 2nd. Three analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average price target of $471.97.

Ferrari Stock Performance

RACE opened at $376.78 on Monday. The company has a quick ratio of 4.08, a current ratio of 5.20 and a debt-to-equity ratio of 0.72. The firm has a market cap of $88.15 billion, a PE ratio of 36.16, a P/E/G ratio of 3.23 and a beta of 0.92. The business has a fifty day simple moving average of $352.36 and a 200-day simple moving average of $352.48. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10.

About Ferrari

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.