Governors Lane LP Buys Shares of 34,314 Ferrari N.V. $RACE

Key Points

• Governors Lane LP initiated a Ferrari position by purchasing 34,314 shares worth approximately $12.8 million, making Ferrari its 24th-largest holding and representing about 1% of its portfolio.
• Ferrari recently exceeded quarterly expectations, reporting $2.99 in EPS and $2.21 billion in revenue, up 8.4% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $477.15.
• Ferrari shares opened at $405.54, down 1.1%, while the company continued its €3.5 billion buyback program; analysts cited ongoing share repurchases as potential support for earnings per share and the stock.

Governors Lane LP purchased a new stake in Ferrari N.V. (NYSE:RACE - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 34,314 shares of the company's stock, valued at approximately $12,775,000. Ferrari accounts for approximately 1.0% of Governors Lane LP's holdings, making the stock its 24th largest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fideuram Asset Management Ireland dac acquired a new position in Ferrari in the fourth quarter valued at approximately $29,000. Entrust Financial LLC acquired a new stake in Ferrari during the fourth quarter worth $33,000. Bellevue Asset Management LLC purchased a new stake in Ferrari in the first quarter valued at $34,000. Bamco Inc. NY raised its position in Ferrari by 790.9% in the fourth quarter. Bamco Inc. NY now owns 98 shares of the company's stock valued at $36,000 after purchasing an additional 87 shares during the period. Finally, Dunhill Financial LLC acquired a new position in shares of Ferrari in the 2nd quarter valued at $38,000.

More Ferrari News

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Ferrari reported further progress on its €3.5 billion multi-year buyback plan. Under the current €250 million tranche, the company purchased 35,641 shares for approximately €12.7 million through September 4, including purchases on both Euronext Milan and the NYSE. Continued repurchases can support earnings per share and provide demand for the stock. Ferrari periodic report on the buyback program
• Positive Sentiment: Ferrari won the WEC Lone Star Le Mans at Circuit of the Americas after a late Toyota failure, giving the marque its first WEC victory of the year. The result strengthens Ferrari’s racing profile and may support brand engagement, although it is unlikely to materially change near-term financial results. Ferrari wins WEC Lone Star Le Mans
• Neutral Sentiment: Ferrari Formula 1 team principal Frédéric Vasseur issued a message to supporters ahead of the Madrid race. The announcement is mainly promotional and provides limited direct information about Ferrari N.V.’s earnings or operations. Vasseur message ahead of Madrid race
• Neutral Sentiment: A report described a driver abandoning a race to rescue a rival from a burning Ferrari. The incident concerns motorsport safety rather than Ferrari’s road-car business or financial performance. Driver rescues rival from burning Ferrari
• Negative Sentiment: Analysis of Ferrari’s disappointing Monza weekend highlighted dashed home-race expectations and rising tension between drivers. Separate coverage said Lewis Hamilton called for clearer “rules of engagement” after a clash with Charles Leclerc. Persistent team conflict could weigh on F1 results and brand sentiment, though the direct impact on Ferrari N.V.’s financials remains limited. Ferrari Monza disappointment analysis

Ferrari Trading Down 1.1%

Shares of NYSE RACE opened at $405.54 on Wednesday. Ferrari N.V. has a twelve month low of $312.51 and a twelve 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 has a fifty day simple moving average of $397.93 and a 200-day simple moving average of $365.12. The stock has a market capitalization of $94.88 billion, a PE ratio of 37.65, a PEG ratio of 3.52 and a beta of 0.92.

Ferrari (NYSE:RACE - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the business earned $2.38 EPS. The company's quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts forecast that Ferrari N.V. will post 11.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Morgan Stanley reiterated an "overweight" rating and set a $442.00 price target on shares of Ferrari in a report on Friday, July 31st. Wolfe Research began coverage on shares of Ferrari in a research report on Tuesday, July 7th. They issued an "outperform" rating on the stock. Evercore reaffirmed an "outperform" rating and issued a $485.00 target price on shares of Ferrari in a research report on Friday, July 31st. UBS Group lowered their target price on shares of Ferrari from $497.00 to $490.00 and set a "buy" rating for the company in a research note on Friday, July 31st. Finally, Citigroup reiterated a "neutral" rating on shares of Ferrari in a research report on Monday, August 3rd. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $477.15.

Ferrari Profile

Ferrari N.V. is an Italian luxury automotive company headquartered in Maranello, Italy. The company designs, develops, manufactures and sells high-performance sports cars, grand touring vehicles, supercars and limited-edition models under the Ferrari brand.

Ferrari's business includes vehicle personalization, after-sales services, replacement parts and accessories, as well as branded merchandise, licensing and retail activities. The company also supports its brand through customer experiences, events and the Ferrari racing business, including its long-standing participation in Formula One.

Ferrari traces its origins to Enzo Ferrari, who established Auto Avio Costruzioni in 1939 before producing its first Ferrari-badged car in 1947.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.