Ashton Thomas Securities LLC Purchases New Stake in Ferrari (NYSE:RACE)

Ashton Thomas Securities LLC acquired a new position in shares of Ferrari (NYSE:RACE) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 71 shares of the company’s stock, valued at approximately $33,000.

Several other institutional investors and hedge funds also recently bought and sold shares of RACE. Rothschild Investment LLC acquired a new position in shares of Ferrari in the second quarter worth $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in Ferrari in the 3rd quarter worth about $29,000. Valley Wealth Managers Inc. purchased a new stake in shares of Ferrari during the 2nd quarter worth about $33,000. Denver PWM LLC acquired a new stake in shares of Ferrari during the 2nd quarter valued at about $35,000. Finally, FSC Wealth Advisors LLC bought a new stake in shares of Ferrari in the 3rd quarter valued at approximately $47,000.

Ferrari Price Performance

Shares of NYSE RACE opened at $440.21 on Friday. Ferrari has a 12 month low of $330.15 and a 12 month high of $498.23. The business’s 50 day moving average is $467.76 and its two-hundred day moving average is $441.96. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same period last year, the firm posted $1.98 EPS. The company’s revenue was up 6.5% compared to the same quarter last year. On average, analysts predict that Ferrari will post 8.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of analyst reports. Morgan Stanley lifted their target price on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Evercore ISI increased their target price on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari 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.