Ferrari (NYSE:RACE) Sees Strong Trading Volume on Strong Earnings

Shares of Ferrari N.V. (NYSE:RACE) saw unusually-high trading volume on Friday following a better than expected earnings announcement. Approximately 374,954 shares were traded during trading, a decline of 9% from the previous session’s volume of 410,959 shares.The stock last traded at $433.10 and had previously closed at $443.39.

The company reported $2.70 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.13. Ferrari had a return on equity of 46.22% and a net margin of 22.95%. The company had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period in the prior year, the company earned $2.29 earnings per share. The firm’s revenue was up 4.4% on a year-over-year basis.

Analyst Ratings Changes

Several equities research analysts recently weighed in on RACE shares. UBS Group boosted their price target on shares of Ferrari from $520.00 to $560.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Wall Street Zen cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Thursday, May 15th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ferrari currently has a consensus rating of “Moderate Buy” and a consensus target price of $526.25.

Hedge Funds Weigh In On Ferrari

A number of institutional investors and hedge funds have recently modified their holdings of the stock. GW&K Investment Management LLC lifted its position in Ferrari by 288.9% in the first quarter. GW&K Investment Management LLC now owns 70 shares of the company’s stock worth $30,000 after buying an additional 52 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Ferrari by 41.2% in the second quarter. GAMMA Investing LLC now owns 72 shares of the company’s stock valued at $35,000 after acquiring an additional 21 shares during the period. Park Square Financial Group LLC purchased a new stake in shares of Ferrari in the fourth quarter valued at $32,000. Alpine Bank Wealth Management purchased a new stake in shares of Ferrari in the first quarter valued at $33,000. Finally, Brooklyn Investment Group raised its stake in shares of Ferrari by 381.3% in the first quarter. Brooklyn Investment Group now owns 77 shares of the company’s stock valued at $33,000 after acquiring an additional 61 shares during the period.

Ferrari Stock Down 1.5%

The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.04 and a current ratio of 5.09. The company’s fifty day moving average price is $484.02 and its 200-day moving average price is $464.81. The stock has a market cap of $105.81 billion, a P/E ratio of 45.05, a price-to-earnings-growth ratio of 4.86 and a beta of 1.09.

Ferrari Company 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.