Ferrari (NYSE:RACE) Announces Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Ferrari (NYSE:RACE) posted its quarterly earnings data on Tuesday. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03), Briefing.com reports. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. Ferrari’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.98 EPS. Ferrari updated its FY 2024 guidance to 8.680- EPS.

Ferrari Stock Performance

NYSE RACE traded up $2.00 during trading on Wednesday, hitting $443.00. The stock had a trading volume of 679,196 shares, compared to its average volume of 280,428. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The company’s 50-day moving average price is $473.05 and its two-hundred day moving average price is $440.91. Ferrari has a 12 month low of $330.15 and a 12 month high of $498.23.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on RACE shares. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Evercore ISI boosted their price objective on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. UBS Group upped their price target on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley increased their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target 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.