Elite Wealth Management Inc. Sells 1,472 Shares of Ferrari N.V. $RACE

Elite Wealth Management Inc. lessened its position in Ferrari N.V. (NYSE:RACE) by 57.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,076 shares of the company’s stock after selling 1,472 shares during the period. Ferrari comprises about 0.2% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 23rd biggest holding. Elite Wealth Management Inc.’s holdings in Ferrari were worth $528,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RACE. Vanguard Group Inc. lifted its position in Ferrari by 8.1% during the first quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company’s stock valued at $2,165,683,000 after purchasing an additional 377,929 shares during the period. Bank of Italy lifted its position in Ferrari by 2.9% during the first quarter. Bank of Italy now owns 2,407,271 shares of the company’s stock valued at $1,021,078,000 after purchasing an additional 67,651 shares during the period. Goldman Sachs Group Inc. lifted its position in Ferrari by 52.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company’s stock valued at $974,332,000 after purchasing an additional 781,587 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Ferrari by 1.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,822,147 shares of the company’s stock valued at $779,661,000 after purchasing an additional 25,883 shares during the period. Finally, Alliancebernstein L.P. lifted its position in Ferrari by 8.1% during the first quarter. Alliancebernstein L.P. now owns 1,767,337 shares of the company’s stock valued at $756,208,000 after purchasing an additional 131,945 shares during the period.

Analyst Upgrades and Downgrades

RACE has been the topic of a number of research analyst reports. HSBC upgraded shares of Ferrari from a “hold” rating to a “buy” rating and set a $470.00 price objective on the stock in a research report on Thursday, October 2nd. Zacks Research downgraded shares of Ferrari from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 29th. Hsbc Global Res upgraded shares of Ferrari from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 2nd. Royal Bank Of Canada reiterated an “outperform” rating on shares of Ferrari in a research report on Monday, August 4th. Finally, Citigroup reiterated a “sell” rating on shares of Ferrari in a research report on Monday, August 11th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $528.80.

Ferrari Stock Down 15.0%

Shares of RACE stock opened at $407.20 on Friday. The company has a market capitalization of $98.70 billion, a price-to-earnings ratio of 42.02, a PEG ratio of 3.86 and a beta of 1.08. Ferrari N.V. has a one year low of $391.54 and a one year high of $519.10. The company’s fifty day moving average price is $471.50 and its 200-day moving average price is $469.93. The company has a debt-to-equity ratio of 0.89, a current ratio of 5.09 and a quick ratio of 3.94.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.70 EPS for the quarter, beating the consensus estimate of $2.57 by $0.13. The firm had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.05 billion. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. The company’s revenue was up 4.4% on a year-over-year basis. During the same period last year, the firm earned $2.29 EPS. Ferrari has set its FY 2025 guidance at 9.751- EPS. Sell-side analysts expect that Ferrari N.V. will post 9.22 EPS for the current fiscal year.

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.