Hsbc Global Res Upgrades Ferrari (NYSE:RACE) to Strong-Buy

Ferrari (NYSE:RACE) was upgraded by equities researchers at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the company. Royal Bank Of Canada restated an “outperform” rating on shares of Ferrari in a report on Monday, August 4th. HSBC upgraded shares of Ferrari from a “hold” rating to a “buy” rating and set a $470.00 price target on the stock in a research report on Thursday. Citigroup restated a “sell” rating on shares of Ferrari in a report on Monday, August 11th. Cfra Research downgraded shares of Ferrari from a “hold” rating to a “moderate sell” rating in a research note on Thursday, July 31st. Finally, Zacks Research lowered shares of Ferrari from a “strong-buy” rating to a “hold” rating in a report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $516.25.

Ferrari Trading Up 2.7%

RACE opened at $503.50 on Thursday. The firm has a 50 day simple moving average of $473.53 and a 200 day simple moving average of $468.87. Ferrari has a fifty-two week low of $391.54 and a fifty-two week high of $519.10. The company has a market cap of $122.04 billion, a price-to-earnings ratio of 51.96, a price-to-earnings-growth ratio of 3.95 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a current ratio of 5.09 and a quick ratio of 3.94.

Ferrari (NYSE:RACE) last released its earnings results on Thursday, July 31st. The company reported $2.70 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.13. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. The firm had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the previous year, the business earned $2.29 EPS. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. Ferrari has set its FY 2025 guidance at 9.751- EPS. On average, sell-side analysts anticipate that Ferrari will post 9.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. GW&K Investment Management LLC increased its position in shares of Ferrari by 288.9% during the first quarter. GW&K Investment Management LLC now owns 70 shares of the company’s stock worth $30,000 after acquiring an additional 52 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new stake in Ferrari in the 2nd quarter valued at $30,000. Alpine Bank Wealth Management acquired a new position in Ferrari in the 1st quarter worth $33,000. Brooklyn Investment Group increased its holdings in Ferrari by 381.3% during the 1st quarter. Brooklyn Investment Group now owns 77 shares of the company’s stock worth $33,000 after purchasing an additional 61 shares in the last quarter. Finally, Virtus Advisers LLC bought a new position in Ferrari during the 2nd quarter worth about $34,000.

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.