Truist Financial Corp Reduces Stock Position in Ferrari N.V. $RACE

Truist Financial Corp reduced its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 23.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,688 shares of the company's stock after selling 2,000 shares during the quarter. Truist Financial Corp's holdings in Ferrari were worth $3,282,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of RACE. GW&K Investment Management LLC lifted its stake in shares of Ferrari by 288.9% during the 1st quarter. GW&K Investment Management LLC now owns 70 shares of the company's stock valued at $30,000 after buying an additional 52 shares in the last quarter. Alpine Bank Wealth Management bought a new position in Ferrari in the 1st quarter valued at $33,000. Brooklyn Investment Group boosted its holdings in Ferrari by 381.3% in the 1st quarter. Brooklyn Investment Group now owns 77 shares of the company's stock valued at $33,000 after purchasing an additional 61 shares during the period. GAMMA Investing LLC boosted its holdings in Ferrari by 41.2% in the 2nd quarter. GAMMA Investing LLC now owns 72 shares of the company's stock valued at $35,000 after purchasing an additional 21 shares during the period. Finally, Centerpoint Advisors LLC bought a new position in Ferrari in the 1st quarter valued at $43,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RACE shares. UBS Group increased their price target on shares of Ferrari from $570.00 to $579.00 and gave the stock a "buy" rating in a report on Friday, October 3rd. Citigroup reissued a "sell" rating on shares of Ferrari in a report on Monday, August 11th. Cfra Research lowered shares of Ferrari from a "hold" rating to a "moderate sell" rating in a report on Thursday, July 31st. Hsbc Global Res raised shares of Ferrari from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 2nd. Finally, Zacks Research lowered shares of Ferrari from a "strong-buy" rating to a "hold" rating in a report on Friday, August 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ferrari presently has an average rating of "Moderate Buy" and an average target price of $528.80.

Ferrari Trading Down 2.4%

NYSE:RACE opened at $478.86 on Thursday. The company has a 50-day moving average price of $472.15 and a 200-day moving average price of $470.13. Ferrari N.V. has a 12 month low of $391.54 and a 12 month high of $519.10. The company has a current ratio of 5.09, a quick ratio of 3.94 and a debt-to-equity ratio of 0.89. The stock has a market cap of $116.07 billion, a price-to-earnings ratio of 49.42, a P/E/G ratio of 3.95 and a beta of 1.08.

Ferrari (NYSE:RACE - Get Free Report) last posted 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 net margin of 22.95% and a return on equity of 45.41%. The firm had revenue of $2.12 billion during the quarter, compared to analysts' expectations of $2.05 billion. During the same period last year, the company posted $2.29 EPS. The company's quarterly revenue was up 4.4% compared to the same quarter last year. Ferrari has set its FY 2025 guidance at 9.751- EPS. Equities analysts predict that Ferrari N.V. will post 9.22 EPS for the current year.

About Ferrari

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.

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