Zacks Research Upgrades Ferrari (NYSE:RACE) to Hold

Ferrari (NYSE:RACE) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

RACE has been the subject of several other research reports. UBS Group cut their price objective on Ferrari from $563.00 to $555.00 and set a “buy” rating for the company in a report on Friday, January 9th. Loop Capital set a $481.67 target price on shares of Ferrari in a research report on Thursday, December 4th. Citigroup cut their price target on shares of Ferrari from $579.00 to $529.00 and set a “buy” rating for the company in a research note on Thursday, October 16th. Oddo Bhf cut shares of Ferrari to a “neutral” rating in a research report on Wednesday, December 10th. Finally, HSBC reaffirmed a “hold” rating on shares of Ferrari in a report on Tuesday, January 13th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and a consensus price target of $480.67.

Ferrari Trading Down 1.8%

Shares of RACE stock opened at $330.41 on Monday. The company has a market capitalization of $80.08 billion, a PE ratio of 33.37, a price-to-earnings-growth ratio of 3.66 and a beta of 0.99. Ferrari has a 52-week low of $328.00 and a 52-week high of $519.10. The business’s fifty day moving average is $365.33 and its 200 day moving average is $419.22. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.78 and a current ratio of 4.90.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, November 4th. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.35 by $0.15. Ferrari had a return on equity of 44.20% and a net margin of 22.65%.The business had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $1.94 billion. On average, equities research analysts anticipate that Ferrari will post 9.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Ferrari

A number of large investors have recently added to or reduced their stakes in RACE. Mather Group LLC. purchased a new stake in Ferrari during the third quarter valued at about $27,000. Westside Investment Management Inc. lifted its stake in shares of Ferrari by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 56 shares of the company’s stock valued at $27,000 after acquiring an additional 28 shares during the last quarter. Root Financial Partners LLC purchased a new stake in Ferrari during the 3rd quarter valued at about $28,000. Newbridge Financial Services Group Inc. bought a new position in Ferrari during the 2nd quarter worth approximately $30,000. Finally, Community Bank N.A. bought a new position in Ferrari during the 3rd quarter worth approximately $33,000.

Ferrari Company Profile

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.