Ferrari (NYSE:RACE) Posts Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Ferrari (NYSE:RACE) released its earnings results on Tuesday. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the business posted $1.98 EPS. The business’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 Up 2.3 %

Shares of RACE stock opened at $453.05 on Friday. Ferrari has a 1 year low of $330.15 and a 1 year 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 stock’s 50 day simple moving average is $472.17 and its two-hundred day simple moving average is $440.93.

Analysts Set New Price Targets

RACE has been the subject of a number of research reports. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and increased their price target for the company from $385.00 to $525.00 in a research note on Friday, October 11th. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. UBS Group increased their price target on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday. Evercore ISI increased their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently 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.