Ferrari (NYSE:RACE) Shares Gap Down – What’s Next?

Ferrari (NYSE:RACE)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $433.98, but opened at $421.01. Ferrari shares last traded at $423.15, with a volume of 83,254 shares traded.

Analysts Set New Price Targets

A number of analysts recently issued reports on RACE shares. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $497.86.

Ferrari Trading Up 3.1 %

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 stock’s 50 day moving average is $456.12 and its 200-day moving average is $452.75. The company has a market capitalization of $103.41 billion, a P/E ratio of 46.63, a P/E/G ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

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

Institutional Trading of Ferrari

Hedge funds and other institutional investors have recently modified their holdings of the business. Thrivent Financial for Lutherans grew its stake in shares of Ferrari by 63.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 2,709 shares of the company’s stock worth $1,274,000 after buying an additional 1,051 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Ferrari by 24.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 9,384 shares of the company’s stock worth $4,412,000 after buying an additional 1,864 shares in the last quarter. Townsquare Capital LLC lifted its position in Ferrari by 24.8% during the third quarter. Townsquare Capital LLC now owns 5,435 shares of the company’s stock valued at $2,555,000 after purchasing an additional 1,079 shares during the period. Cynosure Group LLC bought a new stake in shares of Ferrari in the third quarter worth $448,000. Finally, CreativeOne Wealth LLC purchased a new stake in Ferrari during the third quarter valued at $1,041,000.

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.