Ferrari (NYSE:RACE) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

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

Ferrari Stock Performance

NYSE RACE traded up $11.97 on Friday, reaching $433.59. The stock had a trading volume of 535,440 shares, compared to its average volume of 199,675. The business has a 50 day moving average price of $417.91 and a 200 day moving average price of $409.69. Ferrari has a 1 year low of $285.02 and a 1 year high of $442.80. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RACE shares. Sanford C. Bernstein increased their target price on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. UBS Group raised their price objective on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Evercore ISI raised their price objective on Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a report on Monday, April 22nd. Finally, Bank of America raised their price objective on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $461.67.

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.