Ferrari (NYSE:RACE) Announces Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Ferrari (NYSE:RACE) announced its quarterly earnings results on Thursday. The company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.08, Briefing.com reports. The company had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a return on equity of 45.20% and a net margin of 21.84%. Ferrari’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period last year, the business earned $1.99 earnings per share. Ferrari updated its FY 2024 guidance to 8.510- EPS.

Ferrari Stock Up 2.8 %

Shares of RACE traded up $11.97 during trading hours on Friday, hitting $433.59. 535,440 shares of the stock were exchanged, compared to its average volume of 199,675. The stock’s 50-day moving average price is $417.91 and its two-hundred day moving average price is $409.69. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. Ferrari has a 12-month low of $285.02 and a 12-month high of $442.80.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Jefferies Financial Group assumed coverage on Ferrari in a research report on Friday, May 10th. They set a “hold” rating and a $403.00 price target for the company. Sanford C. Bernstein boosted their price objective on Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, May 29th. Evercore ISI boosted their price objective on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd. Finally, Bank of America boosted their price objective on Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $461.67.

About Ferrari

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.