HighTower Advisors LLC Boosts Stock Position in Ferrari N.V. $RACE

Key Points

• HighTower Advisors LLC increased its Ferrari stake by 94.4% in the fourth quarter, buying 12,175 additional shares and bringing its total position to 25,068 shares worth about $9.3 million.
• Other institutional investors also boosted or initiated positions in Ferrari, including Bank of New York Mellon Corp, which raised its stake by 63.7% to more than 2.67 million shares.
• Wall Street remains generally constructive on Ferrari, with an average “Moderate Buy” rating and a consensus price target of $469.06, while JPMorgan recently lifted its target to $447 and kept an overweight rating.

HighTower Advisors LLC lifted its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 94.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,068 shares of the company's stock after purchasing an additional 12,175 shares during the period. HighTower Advisors LLC's holdings in Ferrari were worth $9,284,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in Ferrari by 63.7% in the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company's stock worth $1,295,907,000 after buying an additional 1,039,234 shares in the last quarter. Alta Capital Management LLC bought a new position in Ferrari in the third quarter worth about $6,391,000. Teacher Retirement System of Texas bought a new position in Ferrari in the third quarter worth about $8,995,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in Ferrari by 45.3% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 9,587 shares of the company's stock worth $4,656,000 after buying an additional 2,991 shares in the last quarter. Finally, Caprock Group LLC bought a new position in Ferrari in the third quarter worth about $1,484,000.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RACE. Weiss Ratings reissued a "hold (c)" rating on shares of Ferrari in a research note on Friday, April 10th. Zacks Research raised shares of Ferrari from a "strong sell" rating to a "hold" rating in a research note on Monday, February 2nd. Citigroup raised shares of Ferrari from a "sell" rating to a "neutral" rating in a research note on Thursday, February 12th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Ferrari in a research note on Wednesday, February 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of Ferrari from $407.00 to $447.00 and gave the company an "overweight" rating in a research note on Tuesday, March 3rd. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $469.06.

Ferrari Price Performance

Shares of NYSE RACE opened at $348.09 on Tuesday. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10. The company has a 50 day simple moving average of $339.94 and a two-hundred day simple moving average of $359.48. The company has a market capitalization of $81.43 billion, a price-to-earnings ratio of 33.40, a P/E/G ratio of 3.31 and a beta of 0.95. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20.

Ferrari News Summary

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Ferrari unveiled Luce, its first fully electric car, marking a major strategic milestone and showing the company is moving ahead of some luxury rivals that are slowing their EV plans. Ferrari bets on generational tech shift with Luce five-seat EV
• Positive Sentiment: Ferrari also continued its share repurchase program, which can help support earnings per share and signals management confidence in the business. FERRARI N.V.: PERIODIC REPORT ON THE BUYBACK PROGRAM
• Neutral Sentiment: Media reports suggest Ferrari may bring back the GTO nameplate and make the F80 even more hardcore, which adds to the brand’s performance halo but is not yet a concrete financial catalyst. Ferrari May Bring Back GTO And Build A More Hardcore F80
• Neutral Sentiment: Formula 1-related headlines, including comments that Ferrari is a threat to Antonelli’s winning streak and that Hamilton may have found “Ferrari magic,” help keep the brand in the spotlight but are unlikely to materially move the stock on their own. Motor racing - Antonelli sees Ferrari as big threat to his winning streak Motor racing - Hamilton unlocks Ferrari magic with Montreal breakthrough
• Negative Sentiment: Ferrari’s first fully electric model is entering a cautious EV market, and the company faces execution risk as it tries to prove luxury buyers will embrace a Ferrari without the traditional engine sound and feel. Ferrari's Luce leads bold leap into uncertain electric era

Ferrari Profile

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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