Ferrari (NYSE:RACE) Sees Strong Trading Volume – Still a Buy?

Ferrari (NYSE:RACE) saw an uptick in trading volume on Thursday . 509,197 shares traded hands during trading, an increase of 46% from the previous session’s volume of 348,276 shares.The stock last traded at $462.99 and had previously closed at $480.00.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RACE. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. UBS Group raised their price target on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Down 4.2 %

The company’s fifty day simple moving average is $448.41 and its 200 day simple moving average is $456.52. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $112.10 billion, a P/E ratio of 50.26, a price-to-earnings-growth ratio of 4.43 and a beta of 0.95.

Ferrari Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be paid a $3.1265 dividend. This is an increase from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio is presently 5.63%.

Institutional Trading of Ferrari

Several institutional investors and hedge funds have recently bought and sold shares of the stock. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Ferrari in the 3rd quarter worth approximately $29,000. Hanson & Doremus Investment Management purchased a new position in Ferrari during the fourth quarter valued at $26,000. Planning Capital Management Corp bought a new stake in shares of Ferrari during the 3rd quarter valued at $30,000. Ashton Thomas Securities LLC bought a new stake in shares of Ferrari during the 3rd quarter valued at $33,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Ferrari in the 3rd quarter worth about $47,000.

Ferrari Company Profile

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.