Ferrari (NYSE:RACE) Hits New 12-Month High at $497.92

Ferrari (NYSE:RACE)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $497.92 and last traded at $497.50, with a volume of 4794 shares traded. The stock had previously closed at $496.79.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Jefferies Financial Group initiated coverage on Ferrari in a report on Friday, May 10th. They set a “hold” rating and a $403.00 price target on the stock. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. UBS Group increased their target price on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Morgan Stanley boosted their price target on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average target price of $481.67.

Ferrari Trading Up 0.0 %

The stock’s fifty day moving average price is $439.13 and its two-hundred day moving average price is $425.35. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08. The company had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a return on equity of 45.13% 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 firm earned $1.99 earnings per share. Equities analysts expect that Ferrari will post 8.71 EPS for the current year.

Hedge Funds Weigh In On Ferrari

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RACE. Strategic Investment Solutions Inc. IL purchased a new position in shares of Ferrari during the second quarter worth about $112,000. Clearbridge Investments LLC increased its position in Ferrari by 25.8% during the second quarter. Clearbridge Investments LLC now owns 479,135 shares of the company’s stock worth $195,664,000 after buying an additional 98,225 shares during the period. Truist Financial Corp increased its position in Ferrari by 8.2% during the second quarter. Truist Financial Corp now owns 10,605 shares of the company’s stock worth $4,331,000 after buying an additional 804 shares during the period. Sunbelt Securities Inc. lifted its stake in Ferrari by 31.6% in the second quarter. Sunbelt Securities Inc. now owns 379 shares of the company’s stock valued at $155,000 after buying an additional 91 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Ferrari by 23.1% in the second quarter. NewEdge Advisors LLC now owns 3,401 shares of the company’s stock valued at $1,389,000 after acquiring an additional 639 shares during the period.

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.