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

Zacks Investment Research upgraded shares of Ferrari (NYSE:RACE) from a sell rating to a hold rating in a report released on Wednesday morning.

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. “

Several other analysts also recently commented on the stock. HSBC assumed coverage on shares of Ferrari in a research report on Monday, December 11th. They set a hold rating on the stock. Jefferies Group raised their price objective on shares of Ferrari to $130.00 and gave the company a buy rating in a research report on Friday, December 8th. BidaskClub downgraded shares of Ferrari from a strong-buy rating to a buy rating in a research report on Thursday, November 9th. Finally, TheStreet upgraded shares of Ferrari from a c rating to a b- rating in a research report on Friday, October 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $114.71.

Shares of Ferrari (RACE) traded up $1.58 during mid-day trading on Wednesday, hitting $120.96. 358,476 shares of the stock traded hands, compared to its average volume of 439,723. The company has a market cap of $22,560.00 and a P/E ratio of 40.45. Ferrari has a 12-month low of $60.01 and a 12-month high of $121.18. The company has a quick ratio of 2.68, a current ratio of 3.26 and a debt-to-equity ratio of 2.77.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.15. Ferrari had a net margin of 15.06% and a return on equity of 106.38%. equities analysts expect that Ferrari will post 2.89 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quadrant Capital Group LLC grew its stake in Ferrari by 1.2% during the second quarter. Quadrant Capital Group LLC now owns 1,976 shares of the company’s stock valued at $162,000 after acquiring an additional 24 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Ferrari by 6.6% during the second quarter. PNC Financial Services Group Inc. now owns 1,917 shares of the company’s stock valued at $165,000 after acquiring an additional 119 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Ferrari by 2.6% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 10,568 shares of the company’s stock valued at $907,000 after acquiring an additional 267 shares in the last quarter. Cookson Peirce & Co. Inc. grew its stake in Ferrari by 5.7% during the second quarter. Cookson Peirce & Co. Inc. now owns 5,010 shares of the company’s stock valued at $431,000 after acquiring an additional 270 shares in the last quarter. Finally, D.A. Davidson & CO. grew its stake in Ferrari by 24.3% during the third quarter. D.A. Davidson & CO. now owns 2,510 shares of the company’s stock valued at $277,000 after acquiring an additional 491 shares in the last quarter. 31.85% of the stock is owned by institutional investors.

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About Ferrari

Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 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.

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