Ferrari N.V. (NYSE:RACE) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Ferrari N.V. (NYSE:RACE) have been assigned an average rating of “Moderate Buy” from the nineteen ratings firms that are presently covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $477.1518.

RACE has been the subject of a number of research reports. UBS Group lowered their price target on Ferrari from $497.00 to $490.00 and set a “buy” rating for the company in a report on Friday, July 31st. Citigroup restated a “neutral” rating on shares of Ferrari in a report on Monday. Morgan Stanley reaffirmed an “overweight” rating and set a $442.00 target price on shares of Ferrari in a research report on Friday, July 31st. Wolfe Research assumed coverage on Ferrari in a report on Tuesday, July 7th. They issued an “outperform” rating for the company. Finally, Sanford C. Bernstein increased their price target on Ferrari from $402.00 to $460.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st.

Institutional Trading of Ferrari

A number of hedge funds have recently added to or reduced their stakes in the business. Bridgewater Advisors Inc. bought a new position in Ferrari during the 2nd quarter worth about $391,000. Revolve Wealth Partners LLC purchased a new position in Ferrari during the 2nd quarter valued at about $307,000. Valeo Financial Advisors LLC increased its position in Ferrari by 25.1% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,255 shares of the company’s stock valued at $467,000 after purchasing an additional 252 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Ferrari by 2,004.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 184,129 shares of the company’s stock valued at $68,535,000 after purchasing an additional 175,380 shares in the last quarter. Finally, 180 Wealth Advisors LLC raised its holdings in shares of Ferrari by 33.6% in the 2nd quarter. 180 Wealth Advisors LLC now owns 993 shares of the company’s stock valued at $370,000 after purchasing an additional 250 shares in the last quarter.

Ferrari Price Performance

Shares of RACE stock opened at $406.40 on Thursday. The company has a market capitalization of $95.08 billion, a P/E ratio of 37.73, a P/E/G ratio of 3.47 and a beta of 0.91. The company’s 50-day simple moving average is $369.10 and its two-hundred day simple moving average is $353.87. Ferrari has a one year low of $312.51 and a one year high of $504.49. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70.

Ferrari Company Profile

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.