Ferrari (NYSE:RACE) Announces Quarterly Earnings Results

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

Ferrari Trading Up 0.2 %

Shares of RACE traded up $0.92 during trading hours on Wednesday, reaching $441.92. 558,273 shares of the company’s stock traded hands, compared to its average volume of 279,865. Ferrari has a 12 month low of $330.15 and a 12 month high of $498.23. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35. The firm’s 50 day simple moving average is $473.05 and its 200-day simple moving average is $440.91.

Wall Street Analyst Weigh In

RACE has been the subject of several research analyst reports. UBS Group raised their target price on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $385.00 to $525.00 in a research note on Friday, October 11th. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI increased their price objective on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Finally, Morgan Stanley boosted their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.