Ferrari (NYSE:RACE) Sees Significant Growth in Short Interest

Ferrari (NYSE:RACE) was the recipient of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 1,580,000 shares, an increase of 14.5% from the January 15th total of 1,380,000 shares. Based on an average daily trading volume, of 304,700 shares, the days-to-cover ratio is currently 5.2 days. Currently, 1.3% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Several research firms have recently commented on RACE. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. UBS Group upped their target price 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 report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating for the company. Finally, Evercore ISI boosted their price objective on 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 assigned a buy rating to the stock. According to data from MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

Institutional Investors Weigh In On Ferrari

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Ferrari by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock valued at $2,002,581,000 after acquiring an additional 45,754 shares during the last quarter. Jennison Associates LLC lifted its position in shares of Ferrari by 910.1% during the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after acquiring an additional 2,636,869 shares during the last quarter. Bank of Italy lifted its position in shares of Ferrari by 2.8% during the 4th quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock valued at $1,002,392,000 after acquiring an additional 63,675 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Ferrari by 49.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock valued at $763,125,000 after acquiring an additional 594,547 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Ferrari during the 4th quarter valued at $697,226,000.

Ferrari Price Performance

RACE traded up $13.05 during trading on Monday, reaching $503.50. The stock had a trading volume of 379,594 shares, compared to its average volume of 331,985. The firm has a market capitalization of $122.73 billion, a price-to-earnings ratio of 55.03, a price-to-earnings-growth ratio of 4.04 and a beta of 0.95. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a 1-year low of $386.27 and a 1-year high of $507.20. The stock has a 50 day moving average of $439.23 and a two-hundred day moving average of $452.34.

Ferrari Company Profile

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.