Ferrari (NYSE:RACE) had its price objective lowered by equities researchers at Bank of America from $287.00 to $281.00 in a note issued to investors on Friday, The Fly reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 35.85% from the company’s current price.
A number of other equities research analysts also recently weighed in on RACE. UBS Group lowered their price objective on shares of Ferrari from $247.00 to $238.00 and set a “buy” rating for the company in a research report on Tuesday, March 30th. Morgan Stanley reduced their target price on shares of Ferrari from $273.00 to $265.00 and set an “overweight” rating for the company in a research note on Wednesday, May 5th. Kepler Capital Markets lowered shares of Ferrari to a “hold” rating and set a $185.00 target price for the company. in a research note on Friday, July 2nd. JPMorgan Chase & Co. boosted their target price on shares of Ferrari from $195.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, April 22nd. Finally, Zacks Investment Research raised shares of Ferrari from a “hold” rating to a “buy” rating and set a $231.00 price target for the company in a research note on Thursday, July 8th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $231.78.
Shares of RACE traded down $3.48 during midday trading on Friday, hitting $206.84. The company had a trading volume of 384,630 shares, compared to its average volume of 223,565. The firm has a 50 day moving average price of $206.70. The stock has a market cap of $38.21 billion, a PE ratio of 49.96, a price-to-earnings-growth ratio of 2.31 and a beta of 0.90. Ferrari has a 52 week low of $175.49 and a 52 week high of $233.66. The company has a current ratio of 3.84, a quick ratio of 3.19 and a debt-to-equity ratio of 1.17.
Ferrari (NYSE:RACE) last released its earnings results on Tuesday, May 4th. The company reported $1.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.33 by ($0.22). The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.04 billion. Ferrari had a return on equity of 35.60% and a net margin of 18.52%. Ferrari’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 EPS. On average, research analysts predict that Ferrari will post 5.11 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. JJJ Advisors Inc. lifted its stake in Ferrari by 174.5% during the first quarter. JJJ Advisors Inc. now owns 129 shares of the company’s stock valued at $27,000 after purchasing an additional 82 shares during the last quarter. RMR Wealth Builders acquired a new stake in shares of Ferrari during the fourth quarter valued at approximately $30,000. Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Ferrari during the fourth quarter valued at approximately $40,000. Institutional & Family Asset Management LLC acquired a new stake in shares of Ferrari during the first quarter valued at approximately $39,000. Finally, Farmers & Merchants Investments Inc. raised its holdings in shares of Ferrari by 48.4% during the first quarter. Farmers & Merchants Investments Inc. now owns 190 shares of the company’s stock valued at $40,000 after acquiring an additional 62 shares during the period. 31.40% of the stock is owned by institutional investors and hedge funds.
Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; one-off and track cars; and Icona cars. It also provides racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.
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