Novem Group Sells 701 Shares of Ferrari N.V. $RACE

Key Points

• Novem Group reduced its holdings in Ferrari N.V. by 27.2% during the second quarter, selling 701 shares to end up with 1,879 shares valued at approximately $922,000.
• Several hedge funds increased their stake in Ferrari, with GAMMA Investing LLC growing its holdings by 41.2% in the second quarter.
• Analyst ratings for Ferrari include eight "Buy" ratings and a current average rating of "Moderate Buy," with a consensus target price set at $531.67.

Novem Group cut its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 27.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,879 shares of the company's stock after selling 701 shares during the quarter. Novem Group's holdings in Ferrari were worth $922,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Sound View Wealth Advisors Group LLC grew its holdings in shares of Ferrari by 1.0% during the first quarter. Sound View Wealth Advisors Group LLC now owns 2,198 shares of the company's stock worth $940,000 after buying an additional 21 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Ferrari by 41.2% during the second quarter. GAMMA Investing LLC now owns 72 shares of the company's stock worth $35,000 after buying an additional 21 shares in the last quarter. Rehmann Capital Advisory Group grew its holdings in shares of Ferrari by 3.9% during the first quarter. Rehmann Capital Advisory Group now owns 697 shares of the company's stock worth $299,000 after buying an additional 26 shares in the last quarter. Aviso Financial Inc. grew its stake in Ferrari by 1.1% in the first quarter. Aviso Financial Inc. now owns 2,835 shares of the company's stock valued at $1,213,000 after purchasing an additional 30 shares in the last quarter. Finally, Gordian Capital Singapore Pte Ltd grew its stake in Ferrari by 42.9% in the first quarter. Gordian Capital Singapore Pte Ltd now owns 100 shares of the company's stock valued at $43,000 after purchasing an additional 30 shares in the last quarter.

Analyst Upgrades and Downgrades

RACE has been the subject of a number of analyst reports. Berenberg Bank initiated coverage on Ferrari in a research note on Tuesday, September 16th. They issued a "buy" rating for the company. Deutsche Bank Aktiengesellschaft upgraded Ferrari from a "hold" rating to a "buy" rating in a research note on Tuesday, September 2nd. Royal Bank Of Canada restated an "outperform" rating on shares of Ferrari in a research note on Monday, August 4th. UBS Group raised their price target on Ferrari from $540.00 to $570.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Finally, Cfra Research downgraded Ferrari from a "hold" rating to a "moderate sell" rating in a research note on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $531.67.

Ferrari Stock Performance

Shares of NYSE RACE opened at $474.73 on Friday. The company has a current ratio of 5.09, a quick ratio of 3.94 and a debt-to-equity ratio of 0.89. Ferrari N.V. has a 12 month low of $391.54 and a 12 month high of $519.10. The stock has a 50 day moving average of $475.17 and a 200-day moving average of $467.74. The company has a market capitalization of $115.06 billion, a P/E ratio of 48.99, a P/E/G ratio of 3.81 and a beta of 1.10.

Ferrari (NYSE:RACE - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.70 EPS for the quarter, topping the consensus estimate of $2.57 by $0.13. Ferrari had a return on equity of 45.41% and a net margin of 22.95%.The company had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same period in the previous year, the company posted $2.29 EPS. The firm's revenue for the quarter was up 4.4% compared to the same quarter last year. Ferrari has set its FY 2025 guidance at 9.751- EPS. As a group, equities research analysts predict that Ferrari N.V. will post 9.22 EPS for the current year.

Ferrari Company Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.