Elite Wealth Management Inc. Trims Stake in Ferrari N.V. $RACE

Key Points

• Elite Wealth Management Inc. reduced its stake in Ferrari N.V. by 57.8%, owning 1,076 shares after selling 1,472 shares in Q2, making it the firm's 23rd largest holding.
• Other hedge funds increased their positions in Ferrari, notably Goldman Sachs Group Inc. which grew their stake by 52.3% during the 1st quarter.
• Ferrari recently announced that its earnings per share for the last quarter were $2.70, surpassing consensus estimates by $0.13 and showing a revenue increase of 4.4% year-over-year.

Elite Wealth Management Inc. reduced its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 57.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,076 shares of the company's stock after selling 1,472 shares during the period. Ferrari makes up 0.2% of Elite Wealth Management Inc.'s portfolio, making the stock its 23rd biggest holding. Elite Wealth Management Inc.'s holdings in Ferrari were worth $528,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in RACE. Goldman Sachs Group Inc. grew its position in shares of Ferrari by 52.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company's stock valued at $974,332,000 after purchasing an additional 781,587 shares in the last quarter. Groupe la Francaise bought a new stake in shares of Ferrari during the 1st quarter worth $238,818,000. Nuveen LLC bought a new stake in shares of Ferrari during the 1st quarter worth $233,200,000. Vanguard Group Inc. lifted its holdings in shares of Ferrari by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company's stock worth $2,165,683,000 after acquiring an additional 377,929 shares during the last quarter. Finally, Citigroup Inc. lifted its holdings in shares of Ferrari by 155.1% during the 1st quarter. Citigroup Inc. now owns 269,862 shares of the company's stock worth $115,469,000 after acquiring an additional 164,092 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RACE. Citigroup reaffirmed a "sell" rating on shares of Ferrari in a report on Monday, August 11th. HSBC raised shares of Ferrari from a "hold" rating to a "buy" rating and set a $470.00 price objective for the company in a report on Thursday, October 2nd. Royal Bank Of Canada reissued an "outperform" rating on shares of Ferrari in a research note on Monday, August 4th. Cfra Research downgraded shares of Ferrari from a "hold" rating to a "moderate sell" rating in a research note on Thursday, July 31st. Finally, UBS Group boosted their price target on shares of Ferrari from $570.00 to $579.00 and gave the stock a "buy" rating in a research note on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $528.80.

Ferrari Price Performance

Shares of RACE opened at $407.20 on Friday. The stock has a market cap of $98.70 billion, a PE ratio of 42.02, a price-to-earnings-growth ratio of 3.86 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.94 and a current ratio of 5.09. Ferrari N.V. has a fifty-two week low of $391.54 and a fifty-two week high of $519.10. The firm's 50-day simple moving average is $471.50 and its two-hundred day simple moving average is $469.93.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.70 earnings per share for the quarter, topping analysts' consensus estimates of $2.57 by $0.13. The business 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 45.41%. The business's revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.29 earnings per share. Ferrari has set its FY 2025 guidance at 9.751- EPS. Analysts anticipate that Ferrari N.V. will post 9.22 earnings per share for the current fiscal year.

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.

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