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

Ferrari N.V. (NYSE:RACE) has been given a consensus rating of “Moderate Buy” by the eighteen research firms that are currently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and three have given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $471.97.

A number of research firms have recently issued reports on RACE. UBS Group boosted their price objective on Ferrari from $483.00 to $497.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Morgan Stanley raised Ferrari from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $388.00 to $438.00 in a research report on Monday, June 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Jefferies Financial Group raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Tuesday, March 31st. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of Ferrari in a research note on Tuesday, June 2nd.

Key Stories Impacting Ferrari

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Ferrari N.V. received a consensus analyst recommendation of “Moderate Buy”, signaling that Wall Street remains constructive on the company’s longer-term outlook. Ferrari N.V. (NYSE:RACE) Receives Consensus Recommendation of “Moderate Buy” from Analysts
• Neutral Sentiment: Ferrari is also promoting motorsport and brand content, including a Challenge Europe streaming push and weekend previews for its racing programs. These are supportive for brand engagement, but they are unlikely to move the stock materially on their own. Ferrari Challenge Europe from Portimão: TV, streaming – and now on TikTok Weekend preview: European fixtures for Ferrari
• Negative Sentiment: Ferrari’s Formula 1 team is dealing with an urgent repair job after Lewis Hamilton crashed in practice at the Belgian Grand Prix, forcing the team to race against time to get the car ready for qualifying. That kind of disruption can weigh on sentiment if it hurts on-track results and championship momentum. Hamilton crashes in FP3 giving Ferrari race against time to get car ready for Belgian GP qualifying
• Negative Sentiment: Ferrari was also reported to be under FIA investigation after an alleged regulation breach at Spa, which adds another layer of uncertainty around the team’s racing operations and could create short-term headlines investors may not like. Ferrari under FIA investigation after regulation breach at Spa

Institutional Trading of Ferrari

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Groupama Asset Managment grew its stake in shares of Ferrari by 5.7% in the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company’s stock valued at $8,244,189,000 after purchasing an additional 916,821 shares during the period. Vanguard Group Inc. lifted its position in shares of Ferrari by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock worth $1,937,388,000 after buying an additional 58,506 shares during the period. Amundi lifted its position in shares of Ferrari by 11.1% during the 4th quarter. Amundi now owns 3,303,264 shares of the company’s stock worth $1,220,754,000 after buying an additional 330,896 shares during the period. Bank of New York Mellon Corp boosted its stake in Ferrari by 8.4% in the 1st quarter. Bank of New York Mellon Corp now owns 2,808,855 shares of the company’s stock valued at $950,657,000 after buying an additional 218,830 shares in the last quarter. Finally, Morgan Stanley boosted its stake in Ferrari by 43.4% in the 4th quarter. Morgan Stanley now owns 2,546,564 shares of the company’s stock valued at $941,109,000 after buying an additional 771,039 shares in the last quarter.

Ferrari Trading Down 1.3%

Ferrari stock opened at $377.68 on Friday. The business has a 50 day moving average price of $356.23 and a two-hundred day moving average price of $352.62. The company has a quick ratio of 4.08, a current ratio of 5.20 and a debt-to-equity ratio of 0.72. Ferrari has a 12 month low of $312.51 and a 12 month high of $519.10. The stock has a market cap of $88.36 billion, a price-to-earnings ratio of 36.24, a price-to-earnings-growth ratio of 3.23 and a beta of 0.92.

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.