Ferrari (NYSE:RACE) Stock Rating Lowered by StockNews.com

Ferrari (NYSE:RACE) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

RACE has been the topic of several other reports. Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, March 28th. JPMorgan Chase & Co. cut their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating on the stock. Finally, UBS Group boosted their price target on shares of Ferrari from $520.00 to $560.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and an average target price of $526.25.

Ferrari Price Performance

Ferrari stock opened at $494.44 on Thursday. Ferrari has a 52-week low of $391.54 and a 52-week high of $509.13. The firm has a market capitalization of $119.84 billion, a price-to-earnings ratio of 54.04, a PEG ratio of 4.43 and a beta of 1.13. The company has a fifty day simple moving average of $444.73 and a 200-day simple moving average of $447.15. 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 posted its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.06. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. The firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same period in the previous year, the business posted $1.95 earnings per share. Ferrari’s quarterly revenue was up 13.0% on a year-over-year basis. On average, equities analysts anticipate that Ferrari will post 9.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Ferrari

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hanson & Doremus Investment Management acquired a new position in shares of Ferrari in the 4th quarter valued at $26,000. GW&K Investment Management LLC raised its stake in shares of Ferrari by 288.9% in the 1st quarter. GW&K Investment Management LLC now owns 70 shares of the company’s stock valued at $30,000 after acquiring an additional 52 shares during the period. Park Square Financial Group LLC acquired a new position in shares of Ferrari in the 4th quarter worth approximately $32,000. Alpine Bank Wealth Management purchased a new position in shares of Ferrari during the 1st quarter worth approximately $33,000. Finally, Brooklyn Investment Group increased its holdings in Ferrari by 381.3% in the 1st quarter. Brooklyn Investment Group now owns 77 shares of the company’s stock valued at $33,000 after purchasing an additional 61 shares during the last quarter.

About Ferrari

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.