Ferrari (NYSE:RACE) Short Interest Update

Ferrari (NYSE:RACE) saw a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 1,220,000 shares, a decline of 15.9% from the November 15th total of 1,450,000 shares. Based on an average daily volume of 305,100 shares, the short-interest ratio is presently 4.0 days. Currently, 1.0% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

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

Ferrari Stock Performance

NYSE RACE opened at $436.96 on Tuesday. The company has a market cap of $80.73 billion, a P/E ratio of 50.75, a PEG ratio of 4.26 and a beta of 0.95. The company has a fifty day simple moving average of $455.20 and a 200 day simple moving average of $446.18. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 12-month low of $330.15 and a 12-month high of $498.23.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share (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 business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same quarter in the prior year, the business earned $1.98 earnings per share. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. Sell-side analysts predict that Ferrari will post 8.58 earnings per share for the current fiscal year.

Institutional Trading of Ferrari

Several institutional investors and hedge funds have recently modified their holdings of RACE. Jamison Private Wealth Management Inc. grew its holdings in Ferrari by 27.2% during the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock worth $48,000 after buying an additional 22 shares in the last quarter. First Citizens Bank & Trust Co. grew its stake in shares of Ferrari by 3.3% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock worth $321,000 after acquiring an additional 25 shares in the last quarter. Columbia Asset Management raised its holdings in shares of Ferrari by 1.8% in the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after purchasing an additional 25 shares during the last quarter. Elite Wealth Management Inc. lifted its position in shares of Ferrari by 1.0% during the third quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock valued at $1,225,000 after purchasing an additional 25 shares in the last quarter. Finally, Addison Advisors LLC boosted its holdings in Ferrari by 13.6% during the third quarter. Addison Advisors LLC now owns 217 shares of the company’s stock worth $102,000 after purchasing an additional 26 shares during the last quarter.

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.