Ferrari (NYSE:RACE) Sees Large Volume Increase Following Better-Than-Expected Earnings

Key Points

• Ferrari reported earnings of $2.70 per share, surpassing analysts' expectations of $2.57, with revenue reaching $2.12 billion for the quarter.
• The stock saw a trading volume of 374,954 shares, slightly down from the previous session, closing at $433.10.
• Analysts have mixed ratings for Ferrari, with UBS raising the target price from $520.00 to $560.00 and some analysts downgrading the stock to a "hold" rating.

Shares of Ferrari N.V. (NYSE:RACE - Get Free Report) saw strong trading volume on Friday following a better than expected earnings announcement. 374,954 shares were traded during mid-day trading, a decline of 9% from the previous session's volume of 410,959 shares.The stock last traded at $433.10 and had previously closed at $443.39.

The company reported $2.70 earnings per share for the quarter, beating analysts' consensus estimates of $2.57 by $0.13. The firm had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.05 billion. Ferrari had a return on equity of 46.46% and a net margin of 23.00%. The company's revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.29 EPS.

Analyst Ratings Changes

RACE has been the subject of several recent analyst reports. Wall Street Zen downgraded Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. UBS Group upped their target price on Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $526.25.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RACE. Sound View Wealth Advisors Group LLC lifted its holdings in shares of Ferrari by 1.0% in the first quarter. Sound View Wealth Advisors Group LLC now owns 2,198 shares of the company's stock valued at $940,000 after purchasing an additional 21 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Ferrari by 41.2% in the second quarter. GAMMA Investing LLC now owns 72 shares of the company's stock valued at $35,000 after purchasing an additional 21 shares in the last quarter. Garde Capital Inc. lifted its holdings in shares of Ferrari by 5.0% in the fourth quarter. Garde Capital Inc. now owns 525 shares of the company's stock valued at $223,000 after purchasing an additional 25 shares in the last quarter. Rehmann Capital Advisory Group lifted its holdings in Ferrari by 3.9% during the first quarter. Rehmann Capital Advisory Group now owns 697 shares of the company's stock worth $299,000 after acquiring an additional 26 shares during the period. Finally, Inspire Investing LLC lifted its holdings in Ferrari by 0.7% during the second quarter. Inspire Investing LLC now owns 4,332 shares of the company's stock worth $2,126,000 after acquiring an additional 28 shares during the period.

Ferrari Stock Down 2.0%

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.04. The stock has a fifty day moving average of $484.81 and a 200 day moving average of $464.71. The firm has a market capitalization of $105.28 billion, a P/E ratio of 45.80, a price-to-earnings-growth ratio of 5.47 and a beta of 1.09.

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.

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