Ferrari (NYSE:RACE) Sets New 52-Week High at $463.00

Ferrari (NYSE:RACE) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $463.00 and last traded at $459.31, with a volume of 108155 shares traded. The stock had previously closed at $452.90.

Wall Street Analyst Weigh In

RACE has been the topic of a number of analyst reports. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Jefferies Financial Group initiated coverage on shares of Ferrari in a report on Friday, May 10th. They set a “hold” rating and a $403.00 price target on the stock. Evercore ISI boosted their price objective on shares of Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a report on Monday, April 22nd. Morgan Stanley reiterated an “overweight” rating and set a $400.00 target price on shares of Ferrari in a research note on Monday, April 22nd. Finally, UBS Group boosted their price target on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $461.67.

Ferrari Stock Up 1.2 %

The company has a fifty day moving average of $421.79 and a 200 day moving average of $415.56. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. The company has a market cap of $84.93 billion, a P/E ratio of 58.71, a price-to-earnings-growth ratio of 4.71 and a beta of 0.99.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.08. The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.99 EPS. On average, research analysts anticipate that Ferrari will post 8.66 earnings per share for the current fiscal year.

Institutional Trading of Ferrari

Several hedge funds have recently bought and sold shares of RACE. Contravisory Investment Management Inc. boosted its position in shares of Ferrari by 4.6% in the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after purchasing an additional 23 shares during the period. First Citizens Bank & Trust Co. boosted its holdings in Ferrari by 3.3% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock worth $321,000 after buying an additional 25 shares during the period. Columbia Asset Management boosted its holdings in Ferrari by 1.8% in the 2nd quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock worth $582,000 after buying an additional 25 shares during the period. EverSource Wealth Advisors LLC increased its stake in Ferrari by 12.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock worth $101,000 after buying an additional 27 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in Ferrari by 5.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 588 shares of the company’s stock valued at $240,000 after acquiring an additional 28 shares during the period.

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.