PDT Partners LLC Sells 2,363 Shares of Ferrari (NYSE:RACE)

PDT Partners LLC reduced its stake in Ferrari (NYSE:RACE) by 46.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 2,710 shares of the company’s stock after selling 2,363 shares during the quarter. PDT Partners LLC’s holdings in Ferrari were worth $1,266,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Rothschild Investment LLC acquired a new position in Ferrari during the second quarter worth $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Ferrari during the 3rd quarter worth about $29,000. Planning Capital Management Corp bought a new position in Ferrari during the 3rd quarter valued at about $30,000. Valley Wealth Managers Inc. acquired a new position in Ferrari in the second quarter valued at about $33,000. Finally, Ashton Thomas Securities LLC bought a new stake in Ferrari during the third quarter worth about $33,000.

Wall Street Analyst Weigh In

RACE has been the subject of a number of research analyst reports. Evercore ISI lifted their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Morgan Stanley raised their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Finally, UBS Group upped their target price on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Up 0.6 %

Shares of RACE stock opened at $434.16 on Monday. The firm’s 50 day moving average price is $459.00 and its two-hundred day moving average price is $443.68. Ferrari has a 52-week low of $330.15 and a 52-week high of $498.23. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the prior year, the company posted $1.98 EPS. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities analysts forecast that Ferrari will post 8.58 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.