Ferrari (NYSE:RACE) Sets New 1-Year High – Here’s Why

Shares of Ferrari (NYSE:RACE) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $507.20 and last traded at $503.67, with a volume of 92883 shares trading hands. The stock had previously closed at $490.45.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. UBS Group lifted their price target on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Evercore ISI increased 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Performance

The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The stock has a market cap of $122.73 billion, a P/E ratio of 55.03, a price-to-earnings-growth ratio of 4.04 and a beta of 0.95. The firm’s 50-day moving average is $439.23 and its two-hundred day moving average is $451.77.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RACE. Hanson & Doremus Investment Management bought a new position in Ferrari during the fourth quarter valued at about $26,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Ferrari in the 3rd quarter valued at approximately $29,000. Planning Capital Management Corp acquired a new stake in Ferrari in the 3rd quarter worth approximately $30,000. Ashton Thomas Securities LLC bought a new stake in Ferrari during the third quarter worth approximately $33,000. Finally, Armstrong Advisory Group Inc. grew its holdings in Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after purchasing an additional 50 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.