Ferrari (NYSE:RACE) Issues Quarterly Earnings Results

Ferrari (NYSE:RACE) announced 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. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period last year, the business earned $1.98 EPS. The business’s revenue was up 6.5% on a year-over-year basis. Ferrari updated its FY 2024 guidance to 8.680- EPS.

Ferrari Stock Performance

Shares of NYSE:RACE traded up $0.92 during midday trading on Wednesday, hitting $441.92. The stock had a trading volume of 558,273 shares, compared to its average volume of 279,865. The company’s 50-day moving average price is $473.05 and its 200-day moving average price is $440.91. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32.

Wall Street Analyst Weigh In

RACE has been the topic of a number of research analyst reports. Evercore ISI increased their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. UBS Group upped their target price on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley lifted their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and an average 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.