Ferrari (NYSE:RACE) Sets New 1-Year Low – Time to Sell?

Ferrari N.V. (NYSE:RACE)’s share price reached a new 52-week low on Tuesday . The company traded as low as $328.00 and last traded at $330.0840, with a volume of 462548 shares. The stock had previously closed at $336.33.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Evercore ISI lowered their price target on Ferrari from $580.00 to $475.00 and set an “outperform” rating for the company in a research report on Friday, October 31st. The Goldman Sachs Group raised Ferrari to a “strong-buy” rating in a research note on Monday, November 24th. Hsbc Global Res downgraded Ferrari from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 13th. Oddo Bhf cut shares of Ferrari to a “neutral” rating in a report on Wednesday, December 10th. Finally, Citigroup decreased their price objective on shares of Ferrari from $579.00 to $529.00 and set a “buy” rating for the company in a report on Thursday, October 16th. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $480.67.

Ferrari Stock Down 1.8%

The company has a market capitalization of $80.08 billion, a P/E ratio of 33.37, a price-to-earnings-growth ratio of 3.62 and a beta of 0.99. The company has a 50-day moving average of $366.42 and a two-hundred day moving average of $420.45. The company has a quick ratio of 3.78, a current ratio of 4.90 and a debt-to-equity ratio of 0.76.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 4th. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.35 by $0.15. The firm had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Ferrari had a net margin of 22.65% and a return on equity of 44.20%. On average, research analysts predict that Ferrari N.V. will post 9.22 EPS for the current year.

Institutional Investors Weigh In On Ferrari

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Groupama Asset Managment lifted its holdings in shares of Ferrari by 24,598.5% during the second quarter. Groupama Asset Managment now owns 16,073,800 shares of the company’s stock valued at $7,888,057,000 after purchasing an additional 16,008,720 shares during the last quarter. Norges Bank bought a new position in Ferrari during the 2nd quarter valued at approximately $885,051,000. Bank of New York Mellon Corp raised its stake in Ferrari by 63.7% during the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock valued at $1,295,907,000 after buying an additional 1,039,234 shares during the last quarter. Ninety One UK Ltd bought a new stake in Ferrari in the fourth quarter worth $338,785,000. Finally, Viking Global Investors LP grew its stake in shares of Ferrari by 432.7% in the second quarter. Viking Global Investors LP now owns 721,269 shares of the company’s stock worth $353,526,000 after acquiring an additional 585,872 shares during the last quarter.

About Ferrari

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.