5,510 Ferrari N.V. $RACE Shares Sold by China Universal Asset Management Co. Ltd.

Key Points

• China Universal Asset Management cut its Ferrari stake by 88% in the third quarter, selling 5,510 shares and retaining 750 shares valued at approximately $302,000.
• Ferrari reported quarterly EPS of $2.99, exceeding the $2.83 analyst consensus, while revenue rose 8.4% year over year to $2.21 billion.
• Ferrari shares opened at $396.31, down 0.9%; analysts maintain a consensus “Moderate Buy” rating with an average price target of $456.71.

China Universal Asset Management Co. Ltd. lowered its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 88.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 750 shares of the company's stock after selling 5,510 shares during the period. China Universal Asset Management Co. Ltd.'s holdings in Ferrari were worth $302,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in RACE. Anchor Investment Management LLC grew its holdings in Ferrari by 1,625.0% in the 2nd quarter. Anchor Investment Management LLC now owns 69 shares of the company's stock valued at $26,000 after buying an additional 65 shares in the last quarter. Dunhill Financial LLC acquired a new stake in shares of Ferrari during the second quarter worth $38,000. Ameritas Advisory Services LLC bought a new stake in Ferrari in the 2nd quarter valued at about $38,000. Grove Bank & Trust grew its position in Ferrari by 51.5% during the third quarter. Grove Bank & Trust now owns 100 shares of the company's stock worth $39,000 after buying an additional 34 shares in the last quarter. Finally, William Mack & Associates Inc. acquired a new stake in shares of Ferrari during the 3rd quarter worth $40,000.

Ferrari Stock Down 0.9%

Shares of NYSE:RACE opened at $396.31 on Friday. The stock has a market cap of $92.72 billion, a price-to-earnings ratio of 36.79, a PEG ratio of 3.56 and a beta of 0.93. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $437.15. The business's 50 day moving average is $403.40 and its 200 day moving average is $369.39.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.83 by $0.16. The business had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.14 billion. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The firm's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.38 EPS. On average, sell-side analysts forecast that Ferrari N.V. will post 11.10 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RACE shares. JPMorgan Chase & Co. reissued a "buy" rating on shares of Ferrari in a research note on Tuesday, September 29th. Morgan Stanley decreased their price target on Ferrari from $460.00 to $456.00 and set an "overweight" rating for the company in a research note on Wednesday, September 30th. Weiss Ratings raised shares of Ferrari from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, October 16th. Berenberg Bank reaffirmed a "buy" rating on shares of Ferrari in a research report on Monday, September 28th. Finally, Banca Akros downgraded Ferrari to a "neutral" rating in a research note on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $456.71.

Ferrari Company Profile

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its vehicle portfolio includes grand touring models, mid- and rear-engine sports cars, limited-edition special series and high-performance supercars. Ferrari also offers extensive personalization options, allowing customers to tailor vehicle specifications, materials and finishes.

The company traces its origins to 1939, when Enzo Ferrari established Auto Avio Costruzioni, and it produced its first Ferrari-badged car in 1947.

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