Ferrari (NYSE:RACE) Shares Gap Down – What’s Next?

Ferrari (NYSE:RACE)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $433.98, but opened at $421.01. Ferrari shares last traded at $423.15, with a volume of 83,254 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently issued reports on RACE shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Finally, Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Price Performance

The company has a 50 day simple moving average of $456.62 and a 200 day simple moving average of $453.21. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The stock has a market cap of $102.32 billion, a P/E ratio of 46.11, a PEG ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. The ex-dividend date is Wednesday, April 23rd. This is a boost from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. Ferrari’s payout ratio is 5.63%.

Institutional Trading of Ferrari

A number of hedge funds and other institutional investors have recently modified their holdings of RACE. Norges Bank bought a new position in Ferrari in the fourth quarter valued at approximately $697,226,000. Price T Rowe Associates Inc. MD grew its stake in shares of Ferrari by 49.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock valued at $763,125,000 after buying an additional 594,547 shares in the last quarter. Barclays PLC lifted its stake in Ferrari by 198.0% in the fourth quarter. Barclays PLC now owns 853,971 shares of the company’s stock valued at $362,802,000 after acquiring an additional 567,407 shares during the last quarter. Marshall Wace LLP grew its position in shares of Ferrari by 62.1% in the 4th quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock valued at $579,561,000 after acquiring an additional 520,337 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich increased its stake in shares of Ferrari by 380.7% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock worth $107,770,000 after purchasing an additional 192,694 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.