Ferrari (NYSE:RACE) Shares Gap Up After Strong Earnings

Ferrari (NYSE:RACE)’s stock price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $428.94, but opened at $453.69. Ferrari shares last traded at $464.51, with a volume of 379,758 shares.

The company reported $2.28 EPS for the quarter, beating the consensus estimate of $2.15 by $0.13. Ferrari had a return on equity of 44.67% and a net margin of 22.16%.

Analyst Ratings Changes

Several equities analysts recently issued reports on RACE shares. Evercore ISI increased their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. UBS Group increased their price objective on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the company from $385.00 to $525.00 in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $507.14.

Hedge Funds Weigh In On Ferrari

Hedge funds have recently bought and sold shares of the company. Cerity Partners LLC increased its stake in Ferrari by 14.0% in the 3rd quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock valued at $12,653,000 after purchasing an additional 3,308 shares in the last quarter. Miracle Mile Advisors LLC increased its position in Ferrari by 123.9% during the fourth quarter. Miracle Mile Advisors LLC now owns 9,005 shares of the company’s stock worth $3,826,000 after buying an additional 4,983 shares in the last quarter. Rheos Capital Works Inc. increased its position in Ferrari by 30.3% during the third quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock worth $52,511,000 after buying an additional 26,000 shares in the last quarter. Mediolanum International Funds Ltd increased its position in Ferrari by 24.7% during the fourth quarter. Mediolanum International Funds Ltd now owns 9,071 shares of the company’s stock worth $3,874,000 after buying an additional 1,796 shares in the last quarter. Finally, Raymond James & Associates increased its position in Ferrari by 1.4% during the third quarter. Raymond James & Associates now owns 50,940 shares of the company’s stock worth $23,948,000 after buying an additional 693 shares in the last quarter.

Ferrari Stock Up 9.0 %

The company has a market cap of $113.93 billion, a PE ratio of 54.44, a P/E/G ratio of 3.72 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The firm has a 50-day simple moving average of $433.65 and a two-hundred day simple moving average of $448.70.

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.