Castleark Management LLC Makes New Investment in Ferrari N.V. $RACE

Key Points

• Castleark Management acquired 5,310 Ferrari shares in the second quarter, valued at approximately $1.98 million, joining several other institutional investors that recently established or increased positions.
• Analysts maintain a generally positive outlook: Ferrari has a “Moderate Buy” consensus rating and a $477.15 average price target, with recent price targets raised as high as $485.
• Ferrari exceeded quarterly expectations, reporting $2.99 in EPS and $2.21 billion in revenue, with revenue up 8.4% year over year. Shares opened at $412.82, while the company carries a $96.6 billion market capitalization and a P/E ratio of 38.33.

Castleark Management LLC acquired a new stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 5,310 shares of the company's stock, valued at approximately $1,977,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fideuram Asset Management Ireland dac purchased a new stake in Ferrari in the fourth quarter worth about $29,000. Entrust Financial LLC purchased a new stake in Ferrari in the 4th quarter worth approximately $33,000. Bellevue Asset Management LLC purchased a new stake in Ferrari in the 1st quarter worth approximately $34,000. Bamco Inc. NY raised its stake in Ferrari by 790.9% during the 4th quarter. Bamco Inc. NY now owns 98 shares of the company's stock worth $36,000 after acquiring an additional 87 shares during the period. Finally, Dunhill Financial LLC bought a new stake in Ferrari during the 2nd quarter worth approximately $38,000.

Analyst Ratings Changes

A number of research firms have weighed in on RACE. Weiss Ratings reiterated a "hold (c)" rating on shares of Ferrari in a research report on Wednesday, July 8th. Evercore restated an "outperform" rating and set a $485.00 price objective on shares of Ferrari in a research report on Friday, July 31st. Needham & Company LLC upgraded shares of Ferrari to a "neutral" rating in a research note on Friday, July 31st. Citigroup reaffirmed a "neutral" rating on shares of Ferrari in a report on Monday, August 3rd. Finally, Sanford C. Bernstein increased their price target on Ferrari from $402.00 to $460.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ferrari currently has an average rating of "Moderate Buy" and a consensus price target of $477.15.

Ferrari Trading Down 2.1%

Shares of RACE stock opened at $412.82 on Thursday. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $504.49. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. The stock's 50-day moving average price is $388.05 and its 200-day moving average price is $362.18. The stock has a market capitalization of $96.58 billion, a price-to-earnings ratio of 38.33, a price-to-earnings-growth ratio of 3.63 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 EPS for the quarter, beating analysts' consensus estimates of $2.83 by $0.16. The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The firm's revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.38 earnings per share. Equities research analysts predict that Ferrari N.V. will post 11.18 EPS for the current fiscal year.

Ferrari Profile

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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