Ferrari (NYSE:RACE) Issues Quarterly Earnings Results

Ferrari (NYSE:RACEGet Free Report) 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.

Check Out Our Latest Report on Ferrari

About Ferrari

(Get Free Report)

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.

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Earnings History for Ferrari (NYSE:RACE)

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