Ferrari (NYSE:RACE) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Ferrari (NYSE:RACE) from a hold rating to a buy rating in a research note released on Monday morning.

Other equities research analysts also recently issued research reports about the company. Bank of America raised 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. UBS Group increased their price target on Ferrari from $448.00 to $478.00 and gave the company a buy rating in a research note on Monday, June 24th. Sanford C. Bernstein raised their price target on Ferrari from $448.00 to $512.00 and gave the stock an outperform rating in a report on Thursday, April 18th. Jefferies Financial Group assumed coverage on shares of Ferrari in a research report on Friday, May 10th. They set a hold rating and a $403.00 target price on the stock. Finally, Barclays raised shares of Ferrari from an equal weight rating to an overweight rating in a report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $461.67.

Ferrari Stock Down 1.3 %

Shares of RACE stock traded down $5.68 on Monday, hitting $417.10. The stock had a trading volume of 296,429 shares, compared to its average volume of 273,824. Ferrari has a one year low of $285.02 and a one year high of $442.80. The business has a 50 day moving average price of $418.05 and a 200 day moving average price of $410.69. The company has a market cap of $77.06 billion, a PE ratio of 53.59, a P/E/G ratio of 4.81 and a beta of 0.99. 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 (NYSE:RACE) last released its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.20%. The company’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period last year, the firm earned $1.99 earnings per share. Research analysts anticipate that Ferrari will post 8.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ferrari

Several hedge funds have recently added to or reduced their stakes in RACE. Rothschild Investment LLC acquired a new position in shares of Ferrari in the 2nd quarter valued at about $29,000. IAG Wealth Partners LLC purchased a new position in Ferrari during the first quarter valued at approximately $33,000. Register Financial Advisors LLC purchased a new position in Ferrari during the first quarter valued at approximately $33,000. Denver PWM LLC acquired a new position in Ferrari in the second quarter valued at approximately $35,000. Finally, Pittenger & Anderson Inc. boosted its position in Ferrari by 168.6% in the 1st quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after purchasing an additional 59 shares in the last quarter.

Ferrari Company Profile

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.