Prime Capital Investment Advisors LLC Sells 2,822 Shares of Ferrari N.V. $RACE

Key Points

• Prime Capital Investment Advisors cut its Ferrari position by 81.5% in the third quarter, selling 2,822 shares and retaining 640 shares valued at approximately $252,000.
• Analysts remain broadly positive on Ferrari, with a consensus “Moderate Buy” rating and an average price target of $456.71, despite some “Hold” and “Neutral” views.
• Ferrari exceeded quarterly expectations, reporting $2.99 in earnings per share and $2.21 billion in revenue; revenue increased 8.4% year over year, while the stock recently opened at $393.32.

Prime Capital Investment Advisors LLC reduced its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 81.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 640 shares of the company's stock after selling 2,822 shares during the period. Prime Capital Investment Advisors LLC's holdings in Ferrari were worth $252,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Anchor Investment Management LLC lifted its holdings in Ferrari by 1,625.0% in the second quarter. Anchor Investment Management LLC now owns 69 shares of the company's stock valued at $26,000 after acquiring an additional 65 shares during the period. Bellevue Asset Management LLC acquired a new stake in shares of Ferrari in the first quarter valued at about $34,000. Grove Bank & Trust increased its stake in Ferrari by 51.5% in the 3rd quarter. Grove Bank & Trust now owns 100 shares of the company's stock valued at $39,000 after purchasing an additional 34 shares in the last quarter. Dunhill Financial LLC purchased a new position in Ferrari in the 2nd quarter valued at approximately $38,000. Finally, Ameritas Advisory Services LLC purchased a new position in Ferrari in the 2nd quarter valued at approximately $38,000.

Wall Street Analyst Weigh In

Several research firms have weighed in on RACE. Morningstar lowered Ferrari to a "hold" rating in a report on Tuesday, June 30th. The Goldman Sachs Group restated a "buy" rating on shares of Ferrari in a research report on Tuesday, August 11th. Berenberg Bank reaffirmed a "buy" rating on shares of Ferrari in a research note on Monday, September 28th. Wolfe Research began coverage on Ferrari in a research note on Tuesday, July 7th. They set an "outperform" rating for the company. Finally, Citigroup reiterated a "neutral" rating on shares of Ferrari in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, Ferrari presently has an average rating of "Moderate Buy" and a consensus price target of $456.71.

Ferrari Price Performance

RACE stock opened at $393.32 on Monday. The stock's 50 day moving average price is $405.81 and its 200 day moving average price is $377.92. The firm has a market cap of $92.02 billion, a P/E ratio of 36.52, a PEG ratio of 3.39 and a beta of 0.93. 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 N.V. has a 1 year low of $312.51 and a 1 year high of $437.15.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%. The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter last year, the business posted $2.38 earnings per share. Ferrari's revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts expect that Ferrari N.V. will post 11.16 earnings per share for the current fiscal year.

About Ferrari

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its vehicle portfolio includes grand touring models, mid- and rear-engine sports cars, limited-edition special series and high-performance supercars. Ferrari also offers extensive personalization options, allowing customers to tailor vehicle specifications, materials and finishes.

The company traces its origins to 1939, when Enzo Ferrari established Auto Avio Costruzioni, and it produced its first Ferrari-badged car in 1947.

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