Fred Alger Management LLC Buys New Shares in Ferrari N.V. $RACE

Key Points

• Fred Alger Management LLC acquired a new position in Ferrari N.V., purchasing 1,425 shares valued at approximately $604,000 in the first quarter.
• Recent earnings results showed Ferrari reported $2.70 EPS, exceeding expectations, and the company set an FY 2025 guidance of 9.751 EPS.
• Analyst ratings indicate a mixed outlook for Ferrari, with an average rating of "Moderate Buy" and a price target of $531.67 from seven analysts.

Fred Alger Management LLC bought a new stake in Ferrari N.V. (NYSE:RACE - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,425 shares of the company's stock, valued at approximately $604,000.

A number of other hedge funds have also added to or reduced their stakes in RACE. GW&K Investment Management LLC grew its position in Ferrari by 288.9% in the first quarter. GW&K Investment Management LLC now owns 70 shares of the company's stock valued at $30,000 after purchasing an additional 52 shares in the last quarter. Park Square Financial Group LLC bought a new position in Ferrari in the fourth quarter valued at $32,000. Alpine Bank Wealth Management bought a new position in shares of Ferrari in the 1st quarter valued at about $33,000. Brooklyn Investment Group grew its position in shares of Ferrari by 381.3% in the 1st quarter. Brooklyn Investment Group now owns 77 shares of the company's stock valued at $33,000 after acquiring an additional 61 shares during the period. Finally, Webster Bank N. A. bought a new position in shares of Ferrari in the 1st quarter valued at about $43,000.

Ferrari Stock Performance

Shares of RACE stock opened at $473.77 on Thursday. The company has a market capitalization of $114.83 billion, a price-to-earnings ratio of 48.89, a PEG ratio of 5.46 and a beta of 1.10. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.94 and a current ratio of 5.09. The company has a 50-day simple moving average of $478.84 and a 200 day simple moving average of $466.52. Ferrari N.V. has a 52 week low of $391.54 and a 52 week high of $519.10.

Ferrari (NYSE:RACE - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.70 EPS for the quarter, topping the consensus estimate of $2.57 by $0.13. The business had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.05 billion. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. Ferrari's revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.29 EPS. Ferrari has set its FY 2025 guidance at 9.751- EPS. On average, sell-side analysts predict that Ferrari N.V. will post 9.22 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on RACE shares. Royal Bank Of Canada reissued an "outperform" rating on shares of Ferrari in a research report on Monday, August 4th. Deutsche Bank Aktiengesellschaft raised shares of Ferrari from a "hold" rating to a "buy" rating in a research report on Tuesday, September 2nd. Citigroup reissued a "sell" rating on shares of Ferrari in a research report on Monday, August 11th. Cfra Research downgraded shares of Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday, July 31st. Finally, Zacks Research downgraded shares of Ferrari from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 29th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ferrari currently has an average rating of "Moderate Buy" and an average price target of $531.67.

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.

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.