Ferrari (RACE) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Ferrari (NYSE:RACE) from a buy rating to a hold rating in a research note published on Friday.

According to Zacks, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A as well as two grand tourer (GT) cars: California T and FF. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy. “

A number of other equities analysts have also recently issued reports on the company. HSBC upgraded Ferrari from a hold rating to a buy rating in a report on Wednesday, August 29th. ValuEngine upgraded Ferrari from a hold rating to a buy rating in a report on Friday, August 3rd. Credit Suisse Group upped their target price on Ferrari from $156.00 to $160.00 and gave the stock an outperform rating in a report on Thursday, September 20th. Finally, Morgan Stanley upgraded Ferrari from an underweight rating to an equal weight rating and upped their target price for the stock from $110.00 to $120.00 in a report on Thursday, August 2nd. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of Buy and an average target price of $148.80.

RACE opened at $129.68 on Friday. Ferrari has a 52-week low of $103.65 and a 52-week high of $149.85. The company has a debt-to-equity ratio of 2.00, a current ratio of 3.36 and a quick ratio of 2.71. The firm has a market cap of $25.87 billion, a P/E ratio of 40.66, a price-to-earnings-growth ratio of 2.16 and a beta of 1.19.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Wednesday, August 1st. The company reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.10. Ferrari had a return on equity of 72.38% and a net margin of 17.18%. The company had revenue of $906.00 million during the quarter, compared to analysts’ expectations of $925.46 million. During the same quarter in the previous year, the business earned $0.72 EPS. Ferrari’s revenue was down 1.5% compared to the same quarter last year. As a group, research analysts forecast that Ferrari will post 3.66 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the business. Financial Gravity Wealth Inc. purchased a new stake in shares of Ferrari in the 1st quarter worth $131,000. Nisa Investment Advisors LLC purchased a new stake in shares of Ferrari in the 2nd quarter worth $155,000. Sfmg LLC purchased a new stake in shares of Ferrari in the 2nd quarter worth $214,000. Opera Trading Capital purchased a new stake in shares of Ferrari in the 2nd quarter worth $247,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Ferrari in the 2nd quarter worth $272,000. Institutional investors and hedge funds own 34.26% of the company’s stock.

Ferrari Company Profile

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports cars, GT cars, special series cars, limited edition supercars, limited editions series, and one-off cars; and open air roadsters and two-seater mid-rear-engined roadsters.

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