Capelight Capital Asset Management LP Sells 3,600 Shares of Ferrari N.V. $RACE

Key Points

• Capelight Capital Asset Management reduced its Ferrari stake by 45% in the third quarter, selling 3,600 shares and retaining 4,400 shares valued at approximately $1.73 million.
• Ferrari reported quarterly revenue of $2.21 billion and earnings of $2.99 per share, surpassing analyst expectations; revenue increased 8.4% year over year.
• Analysts maintain a generally positive outlook, with Ferrari holding a “Moderate Buy” consensus rating and an average price target of $456.71, above its reported share price of $393.32.

Capelight Capital Asset Management LP decreased its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 45.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,400 shares of the company's stock after selling 3,600 shares during the period. Capelight Capital Asset Management LP's holdings in Ferrari were worth $1,729,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Anchor Investment Management LLC lifted its holdings in shares of Ferrari by 1,625.0% during 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 during the last quarter. Bellevue Asset Management LLC bought a new position in Ferrari during the first quarter valued at approximately $34,000. Grove Bank & Trust raised its position in Ferrari by 51.5% during the third quarter. Grove Bank & Trust now owns 100 shares of the company's stock valued at $39,000 after acquiring an additional 34 shares in the last quarter. Dunhill Financial LLC bought a new position in Ferrari during the second quarter valued at approximately $38,000. Finally, Ameritas Advisory Services LLC acquired a new stake in Ferrari in the second quarter valued at approximately $38,000.

Ferrari Stock Up 0.0%

RACE opened at $393.32 on Monday. The firm has a market cap of $92.02 billion, a P/E ratio of 36.52, a price-to-earnings-growth ratio of 3.39 and a beta of 0.93. 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 business has a 50 day moving average price of $405.81 and a 200 day moving average price of $377.92. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $437.15.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The company reported $2.99 EPS for the quarter, beating the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%. The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter last year, the company posted $2.38 earnings per share. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. Research analysts forecast that Ferrari N.V. will post 11.16 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Ferrari in a research note on Tuesday, September 29th. The Goldman Sachs Group restated a "buy" rating on shares of Ferrari in a report on Tuesday, August 11th. Berenberg Bank reaffirmed a "buy" rating on shares of Ferrari in a research note on Monday, September 28th. Sanford C. Bernstein reiterated a "buy" rating on shares of Ferrari in a report on Tuesday, September 29th. Finally, Morningstar downgraded shares of Ferrari to a "hold" rating in a research report on Tuesday, June 30th. One investment 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 stock. According to MarketBeat.com, Ferrari presently has an average rating of "Moderate Buy" and an average target price of $456.71.

Ferrari 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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