Ferrari (NYSE:RACE) Issues Earnings Results

Ferrari (NYSE:RACE) announced its quarterly earnings data on Tuesday. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03), Briefing.com reports. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.98 EPS. Ferrari updated its FY 2024 guidance to 8.680- EPS.

Ferrari Trading Up 2.3 %

Shares of Ferrari stock traded up $10.05 on Thursday, reaching $453.05. The company’s stock had a trading volume of 516,809 shares, compared to its average volume of 281,867. Ferrari has a 52 week low of $330.15 and a 52 week high of $498.23. The firm’s fifty day simple moving average is $472.17 and its two-hundred day simple moving average is $440.93. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RACE. UBS Group lifted their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $385.00 to $525.00 in a report on Friday, October 11th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Morgan Stanley raised their price objective on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Finally, Evercore ISI lifted their price objective on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $507.14.

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.