Renaissance Technologies LLC Grows Stock Position in Ferrari N.V. $RACE

Key Points

• Renaissance Technologies increased its Ferrari position by 47.9% in the first quarter, adding 37,860 shares for a total holding of 116,968 shares valued at approximately $39.0 million.
• Analyst sentiment remains positive, with Ferrari receiving a consensus “Moderate Buy” rating and an average price target of $471.97. Morgan Stanley and UBS recently raised their ratings or price targets.
• Ferrari shares opened at $380.09, with the stock up 5.5% and trading between a 12-month low of $312.51 and high of $515.00; the company’s market capitalization stood at about $88.9 billion.

Renaissance Technologies LLC raised its position in Ferrari N.V. (NYSE:RACE - Free Report) by 47.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 116,968 shares of the company's stock after buying an additional 37,860 shares during the quarter. Renaissance Technologies LLC's holdings in Ferrari were worth $39,026,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Benjamin Edwards Inc. increased its holdings in Ferrari by 3.7% in the 2nd quarter. Benjamin Edwards Inc. now owns 613 shares of the company's stock worth $299,000 after acquiring an additional 22 shares during the last quarter. Pacific Sun Financial Corp raised its stake in Ferrari by 2.5% in the 3rd quarter. Pacific Sun Financial Corp now owns 1,008 shares of the company's stock valued at $489,000 after acquiring an additional 25 shares during the period. Horizon Investments LLC lifted its holdings in Ferrari by 33.3% during the third quarter. Horizon Investments LLC now owns 104 shares of the company's stock valued at $50,000 after purchasing an additional 26 shares during the last quarter. Evergreen Capital Management LLC lifted its holdings in Ferrari by 1.4% during the second quarter. Evergreen Capital Management LLC now owns 1,928 shares of the company's stock valued at $946,000 after purchasing an additional 26 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Ferrari by 14.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 222 shares of the company's stock worth $108,000 after purchasing an additional 28 shares during the period.

Wall Street Analysts Forecast Growth

RACE has been the subject of several recent research reports. Jefferies Financial Group upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Tuesday, March 31st. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Ferrari in a report on Tuesday, June 2nd. Weiss Ratings reiterated a "hold (c)" rating on shares of Ferrari in a research note on Wednesday, July 8th. Morgan Stanley raised shares of Ferrari from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $388.00 to $438.00 in a report on Monday, June 15th. Finally, UBS Group increased their target price on Ferrari from $483.00 to $497.00 and gave the stock a "buy" rating in a research report on Thursday, July 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 stock. According to data from MarketBeat.com, Ferrari currently has a consensus rating of "Moderate Buy" and an average target price of $471.97.

Ferrari Trading Up 5.5%

Shares of RACE opened at $380.09 on Tuesday. The business's 50-day moving average price is $361.11 and its 200-day moving average price is $352.31. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $515.00. The stock has a market cap of $88.92 billion, a PE ratio of 36.47, a P/E/G ratio of 3.09 and a beta of 0.92. The company has a quick ratio of 4.08, a current ratio of 5.20 and a debt-to-equity ratio of 0.72.

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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