Elite Wealth Management Inc. Purchases 25 Shares of Ferrari (NYSE:RACE)

Elite Wealth Management Inc. lifted its position in shares of Ferrari (NYSE:RACE) by 1.0% during the third quarter, Holdings Channel.com reports. The firm owned 2,606 shares of the company’s stock after purchasing an additional 25 shares during the period. Ferrari accounts for 0.2% of Elite Wealth Management Inc.’s holdings, making the stock its 23rd biggest position. Elite Wealth Management Inc.’s holdings in Ferrari were worth $1,225,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of RACE. E Fund Management Hong Kong Co. Ltd. bought a new stake in Ferrari during the 3rd quarter worth approximately $29,000. Planning Capital Management Corp bought a new stake in Ferrari during the third quarter worth $30,000. Rothschild Investment LLC purchased a new stake in Ferrari in the 2nd quarter valued at $29,000. Ashton Thomas Securities LLC purchased a new stake in Ferrari in the 3rd quarter valued at $33,000. Finally, Valley Wealth Managers Inc. bought a new position in Ferrari during the 2nd quarter valued at $33,000.

Ferrari Trading Down 0.0 %

Ferrari stock opened at $431.57 on Thursday. The business’s 50 day simple moving average is $460.57 and its 200 day simple moving average is $443.15. Ferrari has a 12 month low of $330.15 and a 12 month high of $498.23. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. Ferrari’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period last year, the company earned $1.98 earnings per share. As a group, research analysts expect that Ferrari will post 8.66 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RACE has been the subject of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Evercore ISI lifted their target price on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Morgan Stanley upped their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Finally, StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

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.