Jupiter Topco LLC Invests $158.40 Million in Ferrari N.V. $RACE

Key Points

• Jupiter Topco LLC acquired 427,097 Ferrari shares worth approximately $158.4 million in the second quarter, representing a 0.18% stake in the luxury automaker.
• Ferrari reported quarterly EPS of $2.99, beating estimates of $2.83, while revenue reached $2.21 billion and rose 8.4% year over year.
• Analysts remain broadly positive, with Ferrari holding a consensus “Moderate Buy” rating and an average price target of $477.15, despite shares trading down 2.1% at $412.82.

Jupiter Topco LLC acquired a new stake in Ferrari N.V. (NYSE:RACE - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 427,097 shares of the company's stock, valued at approximately $158,395,000. Jupiter Topco LLC owned 0.18% of Ferrari at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Fideuram Asset Management Ireland dac bought a new position in Ferrari in the 4th quarter valued at $29,000. Entrust Financial LLC bought a new position in shares of Ferrari in the fourth quarter worth $33,000. Bamco Inc. NY raised its position in shares of Ferrari by 790.9% in the fourth quarter. Bamco Inc. NY now owns 98 shares of the company's stock worth $36,000 after buying an additional 87 shares in the last quarter. Bellevue Asset Management LLC bought a new stake in Ferrari during the first quarter valued at $34,000. Finally, Dunhill Financial LLC bought a new stake in Ferrari during the second quarter valued at $38,000.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Needham & Company LLC upgraded Ferrari to a "neutral" rating in a research note on Friday, July 31st. Sanford C. Bernstein lifted their price target on Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. Weiss Ratings reissued a "hold (c)" rating on shares of Ferrari in a report on Wednesday, July 8th. Evercore restated an "outperform" rating and issued a $485.00 price objective on shares of Ferrari in a research report on Friday, July 31st. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $442.00 target price on shares of Ferrari in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Ferrari presently has a consensus rating of "Moderate Buy" and a consensus price target of $477.15.

Ferrari Trading Down 2.1%

NYSE RACE opened at $412.82 on Thursday. The stock's 50-day simple moving average is $388.05 and its two-hundred day simple moving average is $362.18. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $504.49. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $96.58 billion, a price-to-earnings ratio of 38.33, a PEG ratio of 3.63 and a beta of 0.91.

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, topping analysts' consensus estimates 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 company's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.38 EPS. Research analysts forecast that Ferrari N.V. will post 11.18 EPS for the current fiscal year.

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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