Ferrari (NYSE:RACE) Short Interest Down 19.0% in July

Ferrari (NYSE:RACE) was the target of a significant decline in short interest in July. As of July 31st, there was short interest totalling 1,360,000 shares, a decline of 19.0% from the July 15th total of 1,680,000 shares. Based on an average trading volume of 222,800 shares, the short-interest ratio is presently 6.1 days. Currently, 1.1% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

RACE has been the topic of several recent research reports. Evercore ISI upped their price target on Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a report on Monday, April 22nd. Jefferies Financial Group began coverage on shares of Ferrari in a research note on Friday, May 10th. They issued a “hold” rating and a $403.00 price target for the company. UBS Group increased their price objective on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Finally, Morgan Stanley reiterated an “overweight” rating and set a $400.00 target price on shares of Ferrari in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Ferrari currently has a consensus rating of “Moderate Buy” and an average target price of $461.67.

Ferrari Stock Performance

Shares of RACE stock traded up $5.57 during trading hours on Friday, hitting $459.70. The stock had a trading volume of 316,054 shares, compared to its average volume of 274,855. The stock’s 50 day moving average is $421.79 and its 200 day moving average is $415.56. The firm has a market capitalization of $84.93 billion, a PE ratio of 58.71, a PEG ratio of 4.71 and a beta of 0.99. Ferrari has a twelve month low of $285.02 and a twelve month high of $463.00. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. The firm had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. Ferrari’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.99 EPS. As a group, research analysts forecast that Ferrari will post 8.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ferrari

A number of hedge funds and other institutional investors have recently made changes to their positions in RACE. Contravisory Investment Management Inc. grew its stake in shares of Ferrari by 4.6% in the 2nd quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock valued at $212,000 after purchasing an additional 23 shares during the last quarter. First Citizens Bank & Trust Co. increased its stake in Ferrari by 3.3% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after buying an additional 25 shares during the period. Columbia Asset Management raised its position in Ferrari by 1.8% during the 2nd quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock worth $582,000 after buying an additional 25 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Ferrari by 12.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock worth $101,000 after acquiring an additional 27 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Ferrari by 5.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 588 shares of the company’s stock valued at $240,000 after acquiring an additional 28 shares in 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.