3,759 Shares in Ferrari N.V. $RACE Acquired by X Square Capital LLC

Key Points

• X Square Capital LLC acquired 3,759 Ferrari shares during the second quarter, valued at approximately $1.4 million. Several other hedge funds also initiated or expanded positions.
• Ferrari’s stock opened at $436.38, up 1.9%, with a market capitalization of about $102.1 billion. The company trades at a P/E ratio of 40.51 and remains below its one-year high of $504.49.
• Ferrari exceeded quarterly earnings and revenue expectations, reporting $2.99 EPS and $2.21 billion in revenue, with revenue up 8.4% year over year. Analysts maintain a consensus “Moderate Buy” rating and an average price target of $477.15.

X Square Capital LLC bought a new position in Ferrari N.V. (NYSE:RACE - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,759 shares of the company's stock, valued at approximately $1,399,000.

A number of other hedge funds also recently bought and sold shares of the company. Fideuram Asset Management Ireland dac purchased a new stake in shares of Ferrari during the 4th quarter valued at about $29,000. Entrust Financial LLC purchased a new position in Ferrari during the fourth quarter valued at approximately $33,000. Bellevue Asset Management LLC bought a new position in shares of Ferrari in the first quarter worth approximately $34,000. Bamco Inc. NY increased its stake in shares of Ferrari by 790.9% in the fourth quarter. Bamco Inc. NY now owns 98 shares of the company's stock worth $36,000 after purchasing an additional 87 shares in the last quarter. Finally, Dunhill Financial LLC bought a new stake in shares of Ferrari during the 2nd quarter valued at $38,000.

Ferrari Stock Up 1.9%

NYSE RACE opened at $436.38 on Friday. The stock has a 50 day moving average price of $384.67 and a 200-day moving average price of $360.22. Ferrari N.V. has a one year low of $312.51 and a one year high of $504.49. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.70 and a current ratio of 4.85. The company has a market capitalization of $102.09 billion, a P/E ratio of 40.51, a P/E/G ratio of 3.75 and a beta of 0.91.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.16. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The company had revenue of $2.21 billion for the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter in the previous year, the business posted $2.38 earnings per share. Ferrari's quarterly revenue was up 8.4% on a year-over-year basis. As a group, equities analysts predict that Ferrari N.V. will post 11.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RACE. Needham & Company LLC raised shares of Ferrari to a "neutral" rating in a report on Friday, July 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a research note on Wednesday, July 8th. Wolfe Research started coverage on Ferrari in a research report on Tuesday, July 7th. They set an "outperform" rating for the company. Evercore reissued an "outperform" rating and set a $485.00 target price on shares of Ferrari in a research note on Friday, July 31st. Finally, Citigroup restated a "neutral" rating on shares of Ferrari in a research note on Monday, August 3rd. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $477.15.

About Ferrari

Ferrari N.V. NYSE: RACE is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company's core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.

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