Equitable Trust Co. Has $2.70 Million Position in Ferrari N.V. $RACE

Key Points

• Equitable Trust Co. reduced its stake in Ferrari N.V. by 44.4% in Q2, now owning 5,495 shares valued at approximately $2.7 million.
• Analysts have upgraded Ferrari's rating with two analysts giving a Strong Buy rating and a consensus price target of $519.83.
• Ferrari reported a Q2 earnings per share of $2.70, surpassing expectations, with revenues up 4.4% year-over-year to $2.12 billion.

Equitable Trust Co. cut its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 44.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,495 shares of the company's stock after selling 4,386 shares during the quarter. Equitable Trust Co.'s holdings in Ferrari were worth $2,697,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of RACE. Farther Finance Advisors LLC grew its holdings in shares of Ferrari by 9.7% during the first quarter. Farther Finance Advisors LLC now owns 839 shares of the company's stock worth $361,000 after buying an additional 74 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Ferrari by 7.9% during the first quarter. Fifth Third Bancorp now owns 424 shares of the company's stock worth $181,000 after buying an additional 31 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Ferrari by 21.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,074 shares of the company's stock worth $1,743,000 after buying an additional 707 shares in the last quarter. Sowell Financial Services LLC bought a new position in shares of Ferrari during the first quarter worth about $344,000. Finally, QRG Capital Management Inc. grew its holdings in shares of Ferrari by 235.3% during the first quarter. QRG Capital Management Inc. now owns 2,183 shares of the company's stock worth $934,000 after buying an additional 1,532 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Hsbc Global Res upgraded Ferrari from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 2nd. Royal Bank Of Canada restated an "outperform" rating on shares of Ferrari in a research note on Monday, August 4th. Berenberg Bank set a $570.00 price target on Ferrari in a research note on Friday, October 3rd. Deutsche Bank Aktiengesellschaft upgraded Ferrari from a "hold" rating to a "buy" rating in a research note on Tuesday, September 2nd. Finally, Sanford C. Bernstein decreased their price target on Ferrari from $554.00 to $475.00 and set an "outperform" rating for the company in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $519.83.

Ferrari Stock Performance

RACE opened at $382.60 on Wednesday. Ferrari N.V. has a 12-month low of $372.31 and a 12-month high of $519.10. The stock has a market cap of $92.74 billion, a price-to-earnings ratio of 39.48, a PEG ratio of 4.01 and a beta of 1.08. The business has a 50 day moving average of $468.29 and a 200-day moving average of $469.39. The company has a quick ratio of 3.94, a current ratio of 5.09 and a debt-to-equity ratio of 0.89.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.57 by $0.13. Ferrari had a return on equity of 45.41% and a net margin of 22.95%.The company had revenue of $2.12 billion during the quarter, compared to analysts' expectations of $2.05 billion. During the same period last year, the firm posted $2.29 earnings per share. The business's revenue was up 4.4% on a year-over-year basis. Ferrari has set its FY 2025 guidance at 9.751- EPS. On average, equities research analysts expect that Ferrari N.V. will post 9.22 earnings per share for the current year.

About Ferrari

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.

Want to see what other hedge funds are holding RACE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ferrari N.V. (NYSE:RACE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.