Ferrari (NYSE:RACE) Shares Gap Down - Should You Sell?

Key Points

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Ferrari N.V. (NYSE:RACE - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $498.79, but opened at $456.28. Ferrari shares last traded at $452.24, with a volume of 545,411 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Cfra Research lowered Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday. UBS Group boosted their target price on Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen downgraded Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Ferrari currently has a consensus rating of "Moderate Buy" and an average target price of $526.25.

Ferrari Trading Down 1.5%

The stock has a market cap of $105.81 billion, a P/E ratio of 45.05, a PEG ratio of 4.78 and a beta of 1.09. The firm's fifty day moving average price is $484.02 and its two-hundred day moving average price is $465.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.04.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.13. The firm had revenue of $2.12 billion for the quarter, compared to analysts' expectations of $2.05 billion. Ferrari had a net margin of 22.95% and a return on equity of 46.22%. The business's quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.29 earnings per share. As a group, equities research analysts forecast that Ferrari N.V. will post 9.22 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Jennison Associates LLC increased its stake in Ferrari by 9.1% in the second quarter. Jennison Associates LLC now owns 1,841,200 shares of the company's stock valued at $903,019,000 after acquiring an additional 153,297 shares during the last quarter. SYM FINANCIAL Corp bought a new stake in shares of Ferrari during the second quarter valued at approximately $228,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Ferrari during the second quarter valued at approximately $2,494,000. Banco Santander S.A. increased its position in shares of Ferrari by 3.6% during the second quarter. Banco Santander S.A. now owns 581,379 shares of the company's stock valued at $285,306,000 after acquiring an additional 20,380 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of Ferrari during the second quarter valued at approximately $640,000.

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.