Ferrari (NYSE:RACE) Sees Strong Trading Volume – Here’s Why

Ferrari (NYSE:RACE) shares saw unusually-strong trading volume on Thursday . Approximately 509,197 shares changed hands during trading, an increase of 46% from the previous session’s volume of 348,276 shares.The stock last traded at $462.99 and had previously closed at $480.00.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RACE shares. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. UBS Group boosted their target price on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating for the company. Finally, Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Trading Up 0.9 %

The stock has a market capitalization of $113.21 billion, a price-to-earnings ratio of 50.76, a PEG ratio of 4.43 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The company’s 50 day moving average is $449.85 and its 200 day moving average is $456.83.

Ferrari Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be paid a $3.1265 dividend. This is a boost from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. This represents a dividend yield of 0.5%. Ferrari’s dividend payout ratio is currently 5.63%.

Hedge Funds Weigh In On Ferrari

Hedge funds have recently made changes to their positions in the business. Hanson & Doremus Investment Management acquired a new stake in shares of Ferrari during the 4th quarter worth about $26,000. Planning Capital Management Corp bought a new position in shares of Ferrari in the 3rd quarter worth $30,000. Park Square Financial Group LLC bought a new position in shares of Ferrari in the 4th quarter worth $32,000. Ashton Thomas Securities LLC bought a new position in shares of Ferrari in the 3rd quarter worth $33,000. Finally, Armstrong Advisory Group Inc. raised its stake in Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after buying an additional 50 shares during the period.

About Ferrari

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.