Ferrari (NYSE:RACE) Issues Quarterly Earnings Results

Ferrari (NYSE:RACE) released its earnings results on Tuesday. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03), Briefing.com reports. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same period last year, the business earned $1.98 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. Ferrari updated its FY 2024 guidance to 8.680- EPS.

Ferrari Stock Performance

Shares of Ferrari stock traded up $2.00 during trading hours on Wednesday, reaching $443.00. The company’s stock had a trading volume of 679,196 shares, compared to its average volume of 280,428. Ferrari has a one year low of $330.15 and a one year high of $498.23. The stock’s fifty day simple moving average is $473.05 and its two-hundred day simple moving average is $440.91. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RACE shares. Evercore ISI boosted their price target on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, UBS Group upped their price target on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

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.