SG Americas Securities LLC Decreases Holdings in Ferrari N.V. $RACE

Key Points

• SG Americas Securities LLC reduced its Ferrari holdings by 9.0% in the first quarter, selling 5,822 shares and ending with 58,910 shares valued at about $19.9 million.
• Ferrari shares were trading at $349.29, with a market cap of $81.72 billion and a 52-week range of $312.51 to $519.10.
• Wall Street sentiment remains positive overall: the stock carries a Moderate Buy rating, with Morgan Stanley recently lifting its target to $438 and the average target price at $470.70.

SG Americas Securities LLC cut its holdings in Ferrari N.V. (NYSE:RACE - Free Report) by 9.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 58,910 shares of the company's stock after selling 5,822 shares during the quarter. SG Americas Securities LLC's holdings in Ferrari were worth $19,938,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in RACE. Fideuram Asset Management Ireland dac acquired a new stake in Ferrari during the fourth quarter worth about $29,000. Community Bank N.A. acquired a new position in Ferrari during the third quarter worth $33,000. Entrust Financial LLC acquired a new position in shares of Ferrari during the 4th quarter worth about $33,000. Bamco Inc. NY lifted 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 valued at $36,000 after acquiring an additional 87 shares in the last quarter. Finally, CoreCap Advisors LLC lifted its holdings in Ferrari by 70.0% in the 4th quarter. CoreCap Advisors LLC now owns 102 shares of the company's stock valued at $38,000 after purchasing an additional 42 shares in the last quarter.

Ferrari Stock Up 1.3%

Shares of NYSE:RACE opened at $349.29 on Thursday. The company has a quick ratio of 4.08, a current ratio of 5.20 and a debt-to-equity ratio of 0.72. The firm's 50-day simple moving average is $347.46 and its 200-day simple moving average is $352.25. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10. The company has a market cap of $81.72 billion, a price-to-earnings ratio of 33.52, a PEG ratio of 3.29 and a beta of 0.93.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Ferrari in a report on Friday, April 10th. 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 research note on Tuesday, June 2nd. Morgan Stanley raised shares of Ferrari from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $388.00 to $438.00 in a research report on Monday, June 15th. Finally, UBS Group cut their price objective on Ferrari from $555.00 to $483.00 and set a "buy" rating on the stock in a research report on Wednesday, April 1st. Three investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Ferrari has an average rating of "Moderate Buy" and an average target price of $470.70.

Ferrari News Roundup

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Ferrari named Massimiliano Di Silvestre, formerly BMW Italy CEO, as its new Chief Marketing & Commercial Officer, a move that could strengthen branding, sales execution, and customer outreach as Ferrari expands its commercial strategy. Ferrari names new marketing chief after Luce EV debut
• Positive Sentiment: Ferrari’s racing and performance image stayed in the spotlight, including Hamilton-related F1 coverage and Ferrari’s 296 GT3 Evo being entered in the 24 Hours of Spa, which helps keep the brand visible and aspirational. Eight Ferrari 296 GT3 Evos set for 24 Hours of Spa
• Neutral Sentiment: Ferrari also confirmed an FP1 driver change for the Austrian Grand Prix and was the subject of several F1 opinion pieces; these stories may affect sentiment around the racing team, but they do not clearly change the company’s fundamentals. Ferrari confirms FP1 driver change for Austrian Grand Prix
• Neutral Sentiment: Coverage of Ferrari’s new EV and a drag race comparison involving the Ferrari 296 reinforced the company’s performance halo, but these articles are more promotional than financially material. Lamborghini Temerario and Ferrari 296 Do an All-Electric Drag Race
• Negative Sentiment: Some F1 commentary was more critical, including reports that Ferrari downplayed a “minor” power unit update and pundit claims that Charles Leclerc has hit “rock bottom,” which could pressure near-term sentiment around the racing team. Ferrari downplays effect of 'minor' power unit update for the Austrian Grand Prix

Ferrari 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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