JPMorgan Chase & Co. Issues Positive Forecast for Ferrari (NYSE:RACE) Stock Price

Ferrari (NYSE:RACE) had its target price hoisted by investment analysts at JPMorgan Chase & Co. from $407.00 to $447.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 23.87% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Citigroup raised shares of Ferrari from a “sell” rating to a “neutral” rating in a report on Thursday, February 12th. Jefferies Financial Group reissued a “hold” rating on shares of Ferrari in a research note on Wednesday, February 11th. BNP Paribas Exane raised Ferrari to a “strong-buy” rating in a report on Thursday, December 11th. Oddo Bhf downgraded shares of Ferrari to a “neutral” rating in a report on Wednesday, December 10th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Ferrari in a research note on Wednesday, February 11th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $475.61.

Ferrari Stock Performance

Shares of RACE stock traded down $1.90 on Tuesday, hitting $360.85. The company had a trading volume of 562,288 shares, compared to its average volume of 823,578. Ferrari has a twelve month low of $328.00 and a twelve month high of $519.10. The company has a quick ratio of 4.38, a current ratio of 5.70 and a debt-to-equity ratio of 0.74. The firm has a market cap of $84.42 billion, a P/E ratio of 35.69, a price-to-earnings-growth ratio of 3.70 and a beta of 0.97. The company has a 50-day moving average price of $360.14 and a 200-day moving average price of $404.92.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Mather Group LLC. purchased a new stake in Ferrari in the third quarter valued at approximately $27,000. Westside Investment Management Inc. grew its stake in shares of Ferrari by 100.0% in the third quarter. Westside Investment Management Inc. now owns 56 shares of the company’s stock valued at $27,000 after buying an additional 28 shares in the last quarter. Root Financial Partners LLC purchased a new stake in shares of Ferrari in the 3rd quarter valued at $28,000. Fideuram Asset Management Ireland dac acquired a new position in Ferrari during the 4th quarter worth about $29,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Ferrari during the second quarter worth about $30,000.

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.