Ferrari (NYSE:RACE) Lowered to “Equal Weight” Rating by Barclays

Ferrari (NYSE:RACE) was downgraded by equities researchers at Barclays from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday,Finviz reports.

A number of other research firms have also weighed in on RACE. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Evercore ISI upped their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. UBS Group lifted their price target on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Performance

Ferrari stock opened at $459.32 on Wednesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The firm has a market capitalization of $111.96 billion, a P/E ratio of 53.35, a price-to-earnings-growth ratio of 3.72 and a beta of 0.95. Ferrari has a 1-year low of $368.80 and a 1-year high of $498.23. The company’s 50-day moving average is $433.53 and its 200 day moving average is $448.75.

Ferrari (NYSE:RACE) last released its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.98 EPS. Research analysts forecast that Ferrari will post 8.59 EPS for the current year.

Institutional Trading of Ferrari

A number of institutional investors and hedge funds have recently bought and sold shares of RACE. Hanson & Doremus Investment Management purchased a new stake in Ferrari in the fourth quarter valued at $26,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in Ferrari in the third quarter valued at $29,000. Planning Capital Management Corp purchased a new stake in shares of Ferrari in the third quarter valued at about $30,000. Ashton Thomas Securities LLC acquired a new position in Ferrari in the 3rd quarter valued at about $33,000. Finally, Armstrong Advisory Group Inc. raised its stake in Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after acquiring an additional 50 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.