Ferrari (NYSE:RACE) Downgraded by Zacks Research to “Strong Sell”

Zacks Research cut shares of Ferrari (NYSE:RACE) from a hold rating to a strong sell rating in a research note released on Thursday,Zacks.com reports.

A number of other brokerages have also recently issued reports on RACE. Berenberg Bank set a $570.00 target price on shares of Ferrari in a report on Friday, October 3rd. Hsbc Global Res upgraded Ferrari from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 2nd. Evercore ISI dropped their price objective on Ferrari from $580.00 to $475.00 and set an “outperform” rating on the stock in a report on Friday, October 31st. UBS Group reaffirmed a “buy” rating and set a $563.00 target price on shares of Ferrari in a report on Friday, November 28th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Ferrari from $460.00 to $457.00 and set an “overweight” rating on the stock in a report on Wednesday, November 12th. Four equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $489.47.

Ferrari Trading Up 0.7%

Shares of Ferrari stock opened at $372.22 on Thursday. The stock has a market capitalization of $90.22 billion, a P/E ratio of 37.60, a P/E/G ratio of 3.93 and a beta of 1.01. Ferrari has a 52-week low of $356.93 and a 52-week high of $519.10. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.78 and a current ratio of 4.90. The stock’s 50-day simple moving average is $387.94 and its 200 day simple moving average is $440.55.

Ferrari (NYSE:RACE) last issued its earnings results on Tuesday, November 4th. The company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.15. Ferrari had a net margin of 22.65% and a return on equity of 44.20%. The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $1.94 billion. Ferrari has set its FY 2025 guidance at 10.290- EPS. As a group, research analysts anticipate that Ferrari will post 9.22 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RACE. Triumph Capital Management bought a new position in shares of Ferrari in the third quarter worth approximately $53,000. Hudson Bay Capital Management LP increased its holdings in shares of Ferrari by 100.4% in the 3rd quarter. Hudson Bay Capital Management LP now owns 2,571 shares of the company’s stock worth $1,246,000 after buying an additional 1,288 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Ferrari by 11.8% in the 3rd quarter. Allworth Financial LP now owns 369 shares of the company’s stock worth $179,000 after buying an additional 39 shares during the last quarter. Groupama Asset Managment raised its position in shares of Ferrari by 5.7% during the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company’s stock valued at $8,244,189,000 after buying an additional 916,821 shares in the last quarter. Finally, Liontrust Investment Partners LLP bought a new stake in shares of Ferrari during the 3rd quarter worth $11,134,000.

About Ferrari

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.