HITE Hedge Asset Management LLC lessened its position in shares of Ferrari N.V. (NYSE:RACE – Free Report) by 67.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,587 shares of the company’s stock after selling 5,385 shares during the period. HITE Hedge Asset Management LLC’s holdings in Ferrari were worth $956,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in RACE. Norges Bank acquired a new stake in shares of Ferrari during the 4th quarter worth approximately $779,894,000. Groupama Asset Managment raised its position in shares of Ferrari by 5.7% during the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company’s stock worth $8,244,189,000 after purchasing an additional 916,821 shares during the period. Ninety One UK Ltd acquired a new stake in shares of Ferrari during the 4th quarter worth approximately $338,785,000. Viking Global Investors LP raised its position in shares of Ferrari by 432.7% during the 2nd quarter. Viking Global Investors LP now owns 721,269 shares of the company’s stock worth $353,526,000 after purchasing an additional 585,872 shares during the period. Finally, Credit Agricole S A acquired a new stake in shares of Ferrari during the 3rd quarter worth approximately $279,003,000.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research report on Friday, April 10th. Morgan Stanley set a $420.00 price target on Ferrari in a research report on Monday, February 16th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Ferrari in a research report on Tuesday, June 2nd. Jefferies Financial Group upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, March 31st. Finally, JPMorgan Chase & Co. increased their price target on Ferrari from $407.00 to $447.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $469.06.
Ferrari Trading Down 3.0%
NYSE:RACE opened at $354.77 on Friday. The stock has a market cap of $83.00 billion, a price-to-earnings ratio of 34.04, a PEG ratio of 3.46 and a beta of 0.93. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. Ferrari N.V. has a 1 year low of $312.51 and a 1 year high of $519.10. The business has a fifty day moving average of $345.59 and a 200-day moving average of $354.15.
Ferrari Company Profile
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.
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