Ferrari (NYSE:RACE) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Ferrari (NYSE:RACE) from a hold rating to a buy rating in a research report report published on Monday morning.

RACE has been the topic of a number of other reports. Morgan Stanley restated an overweight rating and issued a $400.00 price objective on shares of Ferrari in a research note on Monday, April 22nd. Barclays raised shares of Ferrari from an equal weight rating to an overweight rating in a report on Friday. Evercore ISI boosted their target price on shares of Ferrari from $430.00 to $465.00 and gave the company an outperform rating in a report on Monday, April 22nd. Bank of America raised their price target on Ferrari from $458.00 to $512.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Finally, UBS Group boosted their price objective on Ferrari from $448.00 to $478.00 and gave the company a buy rating in a research note on Monday, June 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $461.67.

Ferrari Stock Performance

RACE stock traded down $5.68 during midday trading on Monday, hitting $417.10. The company’s stock had a trading volume of 296,429 shares, compared to its average volume of 273,824. The stock has a market cap of $77.06 billion, a price-to-earnings ratio of 53.59, a PEG ratio of 4.81 and a beta of 0.99. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. The stock’s 50-day moving average price is $418.05 and its 200 day moving average price is $410.69. Ferrari has a 1 year low of $285.02 and a 1 year high of $442.80.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.20%. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm earned $1.99 EPS. The firm’s quarterly revenue was up 16.1% on a year-over-year basis. On average, equities analysts forecast that Ferrari will post 8.51 EPS for the current year.

Institutional Trading of Ferrari

Several institutional investors and hedge funds have recently made changes to their positions in RACE. Rothschild Investment LLC purchased a new stake in Ferrari during the second quarter valued at about $29,000. IAG Wealth Partners LLC purchased a new position in Ferrari in the 1st quarter worth approximately $33,000. Register Financial Advisors LLC purchased a new position in Ferrari in the 1st quarter worth approximately $33,000. Denver PWM LLC bought a new stake in Ferrari in the second quarter valued at approximately $35,000. Finally, Pittenger & Anderson Inc. boosted its stake in shares of Ferrari by 168.6% during the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock valued at $41,000 after purchasing an additional 59 shares during the period.

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.