Ferrari (NYSE:RACE) Shares Pass Below 50-Day Moving Average – What’s Next?

Ferrari (NYSE:RACE) crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $444.77 and traded as low as $422.61. Ferrari shares last traded at $424.84, with a volume of 138,571 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. UBS Group lifted their price objective on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $385.00 to $525.00 in a report on Friday, October 11th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Evercore ISI increased their price target on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Up 0.2 %

The firm has a market capitalization of $77.12 billion, a PE ratio of 48.48, a price-to-earnings-growth ratio of 4.26 and a beta of 0.95. The firm’s 50-day moving average is $443.37 and its 200 day moving average is $446.93. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same quarter last year, the company posted $1.98 EPS. Ferrari’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, research analysts forecast that Ferrari will post 8.58 earnings per share for the current fiscal year.

Institutional Trading of Ferrari

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Jennison Associates LLC boosted its holdings in shares of Ferrari by 910.1% in the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after purchasing an additional 2,636,869 shares during the last quarter. Legal & General Group Plc boosted its holdings in Ferrari by 2.4% in the second quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock valued at $512,660,000 after purchasing an additional 30,014 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Ferrari by 47,023.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after buying an additional 1,178,410 shares during the last quarter. Marshall Wace LLP raised its holdings in Ferrari by 108.4% in the second quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock valued at $361,961,000 after acquiring an additional 461,409 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Ferrari by 25.8% during the 2nd quarter. Clearbridge Investments LLC now owns 479,135 shares of the company’s stock valued at $195,664,000 after acquiring an additional 98,225 shares during the last quarter.

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.