Ferrari (NYSE:RACE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Ferrari (NYSE:RACE) has been given an average rating of “Moderate Buy” by the eleven research firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $502.14.

Several equities analysts have weighed in on RACE shares. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Evercore ISI lifted their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday. Morgan Stanley lifted their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd.

Ferrari Stock Up 0.8 %

Shares of NYSE:RACE opened at $486.43 on Friday. The business has a 50-day moving average price of $472.13 and a 200 day moving average price of $436.82. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. Ferrari has a 12-month low of $296.34 and a 12-month high of $498.23.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The company’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period last year, the company earned $1.99 EPS. As a group, analysts expect that Ferrari will post 8.65 EPS for the current year.

Hedge Funds Weigh In On Ferrari

A number of institutional investors and hedge funds have recently made changes to their positions in RACE. Sunbelt Securities Inc. grew its position in shares of Ferrari by 97.3% during the first quarter. Sunbelt Securities Inc. now owns 288 shares of the company’s stock worth $126,000 after buying an additional 142 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Ferrari by 16.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,702 shares of the company’s stock worth $742,000 after purchasing an additional 235 shares during the last quarter. Register Financial Advisors LLC purchased a new stake in Ferrari during the first quarter worth approximately $33,000. Fox Hill Wealth Management lifted its stake in Ferrari by 15.7% during the first quarter. Fox Hill Wealth Management now owns 3,396 shares of the company’s stock worth $1,480,000 after purchasing an additional 462 shares during the last quarter. Finally, LVW Advisors LLC lifted its stake in Ferrari by 24.3% during the first quarter. LVW Advisors LLC now owns 3,015 shares of the company’s stock worth $1,314,000 after purchasing an additional 590 shares during the last quarter.

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.