Ferrari (RACE) Upgraded to Hold by Zacks Investment Research
Ferrari (NYSE:RACE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A as well as two grand tourer (GT) cars: California T and FF. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy. “
A number of other research analysts have also weighed in on RACE. BidaskClub lowered shares of Ferrari from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 9th. Jefferies Group lifted their price objective on shares of Ferrari to $130.00 and gave the company a “buy” rating in a research note on Friday, December 8th. TheStreet upgraded shares of Ferrari from a “c” rating to a “b-” rating in a research note on Friday, October 20th. Finally, HSBC began coverage on shares of Ferrari in a research note on Monday, December 11th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. Ferrari has an average rating of “Hold” and a consensus target price of $114.71.
Shares of Ferrari (NYSE:RACE) traded down $0.28 during mid-day trading on Wednesday, hitting $117.56. 587,500 shares of the stock traded hands, compared to its average volume of 498,060. The company has a debt-to-equity ratio of 2.77, a quick ratio of 2.68 and a current ratio of 3.26. Ferrari has a 12 month low of $59.59 and a 12 month high of $121.14. The stock has a market cap of $22,210.00 and a price-to-earnings ratio of 39.32.
Ferrari (NYSE:RACE) last issued its quarterly earnings results on Thursday, November 2nd. The company reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.15. Ferrari had a net margin of 15.06% and a return on equity of 106.38%. equities research analysts anticipate that Ferrari will post 2.89 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the business. Rehmann Capital Advisory Group bought a new position in Ferrari in the 3rd quarter valued at $263,000. Comerica Bank boosted its holdings in Ferrari by 18.5% in the 3rd quarter. Comerica Bank now owns 12,040 shares of the company’s stock valued at $1,411,000 after purchasing an additional 1,880 shares during the period. Sei Investments Co. boosted its holdings in Ferrari by 1,401.8% in the 3rd quarter. Sei Investments Co. now owns 95,937 shares of the company’s stock valued at $10,599,000 after purchasing an additional 89,549 shares during the period. Prudential PLC boosted its holdings in Ferrari by 7.7% in the 2nd quarter. Prudential PLC now owns 68,009 shares of the company’s stock valued at $5,850,000 after purchasing an additional 4,860 shares during the period. Finally, Cavalier Investments LLC boosted its holdings in Ferrari by 35.7% in the 3rd quarter. Cavalier Investments LLC now owns 11,400 shares of the company’s stock valued at $1,259,000 after purchasing an additional 3,000 shares during the period. 31.85% of the stock is owned by hedge funds and other institutional investors.
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Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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