Freestone Grove Partners LP Acquires New Stake in Ferrari N.V. $RACE

Key Points

• Freestone Grove Partners acquired 28,481 Ferrari shares in the second quarter, valued at approximately $10.6 million. Several other institutional investors also increased their positions.
• Ferrari exceeded quarterly expectations, reporting $2.99 in EPS and $2.21 billion in revenue, with revenue up 8.4% year over year. The stock opened at $413.79, below its $504.49 52-week high.
• Analyst sentiment remains favorable, with Ferrari carrying a consensus “Moderate Buy” rating and an average price target of $477.15.

Freestone Grove Partners LP bought a new position in Ferrari N.V. (NYSE:RACE - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 28,481 shares of the company's stock, valued at approximately $10,603,000.

Other large investors have also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. raised its stake in shares of Ferrari by 3.7% in the 2nd quarter. Benjamin Edwards Inc. now owns 613 shares of the company's stock valued at $299,000 after purchasing an additional 22 shares during the period. Pacific Sun Financial Corp boosted its position in shares of Ferrari by 2.5% during the third quarter. Pacific Sun Financial Corp now owns 1,008 shares of the company's stock worth $489,000 after buying an additional 25 shares during the period. Horizon Investments LLC grew its holdings in shares of Ferrari by 33.3% during the third quarter. Horizon Investments LLC now owns 104 shares of the company's stock worth $50,000 after buying an additional 26 shares in the last quarter. Evergreen Capital Management LLC grew its holdings in shares of Ferrari by 1.4% during the second quarter. Evergreen Capital Management LLC now owns 1,928 shares of the company's stock worth $946,000 after buying an additional 26 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Ferrari by 14.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 222 shares of the company's stock valued at $108,000 after buying an additional 28 shares during the last quarter.

Ferrari Price Performance

NYSE:RACE opened at $413.79 on Friday. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $504.49. The company has a market cap of $96.81 billion, a P/E ratio of 38.42, a P/E/G ratio of 3.55 and a beta of 0.91. 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 stock's 50-day simple moving average is $389.07 and its 200 day simple moving average is $362.74.

Ferrari (NYSE:RACE - Get Free Report) last issued 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. The firm had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.38 earnings per share. As a group, sell-side analysts forecast that Ferrari N.V. will post 11.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RACE has been the topic of several research reports. Sanford C. Bernstein boosted their target price on Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a research note on Wednesday, July 8th. Citigroup reiterated a "neutral" rating on shares of Ferrari in a report on Monday, August 3rd. Evercore reissued an "outperform" rating and issued a $485.00 price objective on shares of Ferrari in a research report on Friday, July 31st. Finally, Needham & Company LLC upgraded shares of Ferrari to a "neutral" rating in a report 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 company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $477.15.

About Ferrari

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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