NewEdge Wealth LLC Takes Position in Ferrari N.V. $RACE

Key Points

• NewEdge Wealth acquired 17,295 Ferrari shares during the second quarter, worth approximately $6.44 million, while other institutional investors also initiated or expanded positions.
• Analyst sentiment remains positive overall, with Ferrari holding a consensus “Moderate Buy” rating and an average price target of $477.15, despite some neutral ratings and mixed target revisions.
• Ferrari reported quarterly earnings of $2.99 per share, beating estimates by $0.16, while revenue rose 8.4% year over year to $2.21 billion; the stock recently opened at $425.14.

NewEdge Wealth LLC purchased a new position in shares of Ferrari N.V. (NYSE:RACE - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 17,295 shares of the company's stock, valued at approximately $6,439,000.

Other institutional investors have also added to or reduced their stakes in the company. Fideuram Asset Management Ireland dac bought a new position in shares of Ferrari during the 4th quarter worth approximately $29,000. Entrust Financial LLC bought a new position in shares of Ferrari in the fourth quarter valued at approximately $33,000. Bellevue Asset Management LLC purchased a new stake in shares of Ferrari during the first quarter valued at approximately $34,000. Bamco Inc. NY increased its position in shares of Ferrari by 790.9% during the fourth quarter. Bamco Inc. NY now owns 98 shares of the company's stock valued at $36,000 after acquiring an additional 87 shares during the last quarter. Finally, Dunhill Financial LLC bought a new stake in Ferrari during the second quarter worth $38,000.

Analyst Ratings Changes

A number of research analysts have issued reports on RACE shares. Needham & Company LLC upgraded Ferrari to a "neutral" rating in a research note on Friday, July 31st. Citigroup reissued a "neutral" rating on shares of Ferrari in a report on Monday, August 3rd. Sanford C. Bernstein increased their price target on shares of Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. UBS Group decreased their price objective on shares of Ferrari from $497.00 to $490.00 and set a "buy" rating for the company in a report on Friday, July 31st. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a research report on Wednesday, July 8th. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $477.15.

Ferrari Stock Up 3.1%

RACE stock opened at $425.14 on Thursday. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $504.49. The stock has a fifty day moving average of $381.80 and a 200-day moving average of $359.01. The company has a market capitalization of $99.46 billion, a price-to-earnings ratio of 39.47, a PEG 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.

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

Ferrari Company 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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