Hsbc Holdings PLC Decreases Holdings in Ferrari N.V. $RACE

Key Points

• Hsbc Holdings PLC sharply cut its Ferrari stake in the fourth quarter, selling 52,494 shares and reducing its position by 93.4% to 3,699 shares worth about $1.376 million.
• Wall Street sentiment on Ferrari remains constructive, with recent upgrades from Morgan Stanley and Jefferies helping keep the stock at a consensus rating of “Moderate Buy” and an average target price of $471.97.
• Ferrari shares were trading around $376.78 with a market cap of $88.15 billion, while recent F1-related headlines included positive coverage of the team’s competitive outlook and development efforts, alongside some negative race-performance commentary.

Hsbc Holdings PLC trimmed its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 93.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,699 shares of the company's stock after selling 52,494 shares during the quarter. Hsbc Holdings PLC's holdings in Ferrari were worth $1,376,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Benjamin Edwards Inc. lifted its holdings in 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 in the last quarter. Pacific Sun Financial Corp lifted its stake 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 valued at $489,000 after buying an additional 25 shares during the period. Horizon Investments LLC grew its stake in Ferrari by 33.3% in the 3rd quarter. Horizon Investments LLC now owns 104 shares of the company's stock worth $50,000 after acquiring an additional 26 shares during the period. Evergreen Capital Management LLC grew its stake in Ferrari by 1.4% in the 2nd quarter. Evergreen Capital Management LLC now owns 1,928 shares of the company's stock worth $946,000 after acquiring an additional 26 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 acquiring an additional 28 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RACE. Morgan Stanley upgraded Ferrari from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $388.00 to $438.00 in a research report on Monday, June 15th. Wolfe Research began coverage on shares of Ferrari in a research report on Tuesday, July 7th. They issued an "outperform" rating on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a research report on Wednesday. Jefferies Financial Group raised shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Tuesday, March 31st. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Ferrari in a research report on Tuesday, June 2nd. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $471.97.

Ferrari Trading Up 0.0%

NYSE:RACE opened at $376.78 on Monday. The stock has a market cap of $88.15 billion, a price-to-earnings ratio of 36.16, a price-to-earnings-growth ratio of 3.23 and a beta of 0.92. Ferrari N.V. has a one year low of $312.51 and a one year high of $519.10. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. The business's 50-day simple moving average is $352.36 and its 200 day simple moving average is $352.48.

Trending Headlines about Ferrari

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Mercedes boss Toto Wolff said Ferrari could challenge Mercedes for the rest of the F1 season, a comment that may boost sentiment around Ferrari’s competitive outlook and brand visibility. Toto Wolff warns Ferrari will challenge Mercedes for 'rest of the F1 season'
• Positive Sentiment: Ferrari’s Madrid track filming day and its data-gathering efforts ahead of rivals highlight ongoing F1 development, which can support enthusiasm around the team’s performance momentum. First look: Ferrari gives Madrid track its F1 debut on filming day Ferrari begins gathering what could be crucial data ahead of its F1 rivals
• Neutral Sentiment: Several articles covered Ferrari cars in drag races and enthusiast content, which may help brand exposure but is unlikely to materially affect the stock. Is the Ferrari Pista faster than the Ferrari F8 Tributo in drag race? Lamborghini Revuelto faces Ferrari 296 GTB in drag race
• Negative Sentiment: An article on Ferrari’s Austria engine upgrade said the race exposed problems the update could not fix, which could weigh on sentiment if investors view it as a sign of persistent performance issues in F1. Ferrari brought an engine upgrade to Austria - then the race exposed everything it could not fix
• Negative Sentiment: Coverage of a Ferrari race car crash at Watkins Glen and a classic Mini destroying a tuned Ferrari in a drag race may be mildly negative for brand optics, though likely limited in financial impact. Ferrari race car crash at Watkins Glen during 130 mph run Classic Mini Destroys Tuned Ferrari 488 In Wild Drag Race Battle

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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