Ferrari (NYSE:RACE) Shares Gap Down - Here's What Happened

Key Points

• Ferrari's stock price dropped significantly, opening at $419.18 from a previous close of $479.21, marking a gap down prior to trading on Thursday.
• The company's average analyst rating is currently a Moderate Buy, with predictions of an EPS of 9.22 for the current fiscal year, despite fluctuations in ratings from various firms.
• Ferrari reported solid earnings with a net margin of 22.95% and revenue growth of 4.4% year-over-year, surpassing both EPS and revenue estimates in their last earnings report.

Ferrari N.V. (NYSE:RACE - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $479.21, but opened at $419.18. Ferrari shares last traded at $419.12, with a volume of 1,138,807 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have recently commented on RACE shares. Deutsche Bank Aktiengesellschaft raised shares of Ferrari from a "hold" rating to a "buy" rating in a report on Tuesday, September 2nd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Ferrari in a report on Wednesday. Citigroup reaffirmed a "sell" rating on shares of Ferrari in a report on Monday, August 11th. HSBC raised shares of Ferrari from a "hold" rating to a "buy" rating and set a $470.00 target price on the stock in a report on Thursday, October 2nd. Finally, Hsbc Global Res raised shares of Ferrari from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Ferrari presently has an average rating of "Moderate Buy" and a consensus target price of $528.80.

Ferrari Stock Down 15.0%

The company has a market capitalization of $98.70 billion, a price-to-earnings ratio of 42.02, a PEG ratio of 3.95 and a beta of 1.08. The firm's 50 day simple moving average is $472.15 and its 200-day simple moving average is $470.13. The company has a current ratio of 5.09, a quick ratio of 3.94 and a debt-to-equity ratio of 0.89.

Ferrari (NYSE:RACE - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.70 EPS for the quarter, topping the consensus estimate of $2.57 by $0.13. The company had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.05 billion. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. The business's revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.29 EPS. Ferrari has set its FY 2025 guidance at 9.751- EPS. On average, sell-side analysts anticipate that Ferrari N.V. will post 9.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Ferrari

Institutional investors have recently made changes to their positions in the stock. GW&K Investment Management LLC boosted its position in shares of Ferrari by 288.9% in the 1st quarter. GW&K Investment Management LLC now owns 70 shares of the company's stock worth $30,000 after buying an additional 52 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new position in Ferrari in the 2nd quarter valued at about $30,000. Alpine Bank Wealth Management purchased a new position in Ferrari in the 1st quarter valued at about $33,000. Brooklyn Investment Group lifted its holdings in Ferrari by 381.3% in the 1st quarter. Brooklyn Investment Group now owns 77 shares of the company's stock valued at $33,000 after purchasing an additional 61 shares in the last quarter. Finally, Virtus Advisers LLC purchased a new position in Ferrari in the 2nd quarter valued at about $34,000.

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.

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