Ferrari N.V. (NYSE:RACE) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Ferrari N.V. (NYSE:RACE) have been given a consensus recommendation of “Moderate Buy” by the sixteen brokerages that are presently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $469.0609.

Several research firms recently weighed in on RACE. Zacks Research raised shares of Ferrari from a “strong sell” rating to a “hold” rating in a research report on Monday, February 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Ferrari in a research report on Wednesday, February 11th. Jefferies Financial Group raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, March 31st. JPMorgan Chase & Co. upped their price objective on shares of Ferrari from $407.00 to $447.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Finally, UBS Group cut their price objective on shares of Ferrari from $555.00 to $483.00 and set a “buy” rating for the company in a research report on Wednesday, April 1st.

Ferrari Trading Up 1.0%

RACE stock opened at $333.10 on Friday. Ferrari has a 52 week low of $312.51 and a 52 week high of $519.10. The company’s 50-day simple moving average is $339.88 and its 200 day simple moving average is $358.44. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. The company has a market capitalization of $77.93 billion, a PE ratio of 31.96, a price-to-earnings-growth ratio of 3.13 and a beta of 0.95.

Institutional Investors Weigh In On Ferrari

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in Ferrari by 63.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock valued at $1,295,907,000 after purchasing an additional 1,039,234 shares during the period. Alta Capital Management LLC acquired a new stake in Ferrari during the 3rd quarter valued at approximately $6,391,000. Teacher Retirement System of Texas acquired a new stake in Ferrari during the 3rd quarter valued at approximately $8,995,000. Mitsubishi UFJ Trust & Banking Corp increased its position in Ferrari by 45.3% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 9,587 shares of the company’s stock valued at $4,656,000 after purchasing an additional 2,991 shares during the period. Finally, Caprock Group LLC acquired a new stake in Ferrari during the 3rd quarter valued at approximately $1,484,000.

Ferrari News Summary

Here are the key news stories impacting Ferrari this week:

• Negative Sentiment: Ferrari’s Luce EV debut triggered backlash from fans, critics, and investors, with many saying the design looks too “Californian,” too similar to an Apple product, or simply not like a Ferrari. Angry Ferrari fans say the Italian company’s new EV is too Californian
• Negative Sentiment: Multiple reports said the market reacted coolly to Ferrari’s first fully electric model, with social media ridicule, analyst skepticism, and questions about whether the EV still reflects the brand’s identity. Critics give Ferrari Luce EV a cool response, shares fall
• Negative Sentiment: Coverage from the Wall Street Journal and others highlighted that the launch wiped billions from Ferrari’s market value as memes spread and investors sold the stock after the highly priced EV reveal. Launch of Ferrari’s $640,000 EV Erupts Into a Storm About Its Looks
• Neutral Sentiment: Some comments from rival Lamborghini’s CEO supported a hybrid-first strategy, reinforcing the idea that luxury automakers are split on how aggressively to pursue full EVs. After Ferrari Luce backlash, Lamborghini CEO says canceling its own EV was the right choice

About Ferrari

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.