Ferrari (NYSE:RACE) Announces Earnings Results

Ferrari (NYSE:RACE) announced its quarterly earnings results on Thursday. The company reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08, Briefing.com reports. Ferrari had a net margin of 21.84% and a return on equity of 45.20%. The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the firm posted $1.99 earnings per share. The business’s revenue was up 16.1% on a year-over-year basis. Ferrari updated its FY 2024 guidance to 8.510- EPS.

Ferrari Price Performance

Shares of NYSE RACE traded up $11.97 during mid-day trading on Friday, reaching $433.59. 535,440 shares of the company were exchanged, compared to its average volume of 199,675. The company’s 50-day simple moving average is $417.91 and its 200-day simple moving average is $409.69. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18. Ferrari has a twelve month low of $285.02 and a twelve month high of $442.80.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RACE shares. UBS Group boosted their price objective on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday. Morgan Stanley reissued an “overweight” rating and issued a $400.00 price objective on shares of Ferrari in a research report on Monday, April 22nd. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, Sanford C. Bernstein boosted their price objective on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $461.67.

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.