Ferrari N.V. $RACE Shares Sold by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC trimmed its holdings in shares of Ferrari N.V. (NYSE:RACE) by 67.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm 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 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Korea Investment CORP increased its holdings in shares of Ferrari by 47.2% during the fourth quarter. Korea Investment CORP now owns 159,457 shares of the company’s stock valued at $59,684,000 after purchasing an additional 51,118 shares during the period. Y Intercept Hong Kong Ltd increased its holdings in shares of Ferrari by 2,195.9% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 38,801 shares of the company’s stock valued at $14,339,000 after purchasing an additional 37,111 shares during the period. Banco Santander S.A. increased its holdings in shares of Ferrari by 11.2% during the fourth quarter. Banco Santander S.A. now owns 642,921 shares of the company’s stock valued at $237,598,000 after purchasing an additional 64,797 shares during the period. Summit Financial LLC increased its holdings in shares of Ferrari by 55.9% during the fourth quarter. Summit Financial LLC now owns 1,110 shares of the company’s stock valued at $410,000 after purchasing an additional 398 shares during the period. Finally, Castleark Management LLC increased its position in shares of Ferrari by 1.6% during the 4th quarter. Castleark Management LLC now owns 22,352 shares of the company’s stock valued at $8,260,000 after purchasing an additional 352 shares during the period.

Ferrari Stock Down 3.0%

Shares of RACE stock opened at $354.77 on Friday. Ferrari N.V. has a 1 year low of $312.51 and a 1 year high of $519.10. The stock has a market cap of $83.00 billion, a PE ratio of 34.04, a price-to-earnings-growth ratio of 3.46 and a beta of 0.93. The business’s fifty day moving average is $345.59 and its 200-day moving average is $354.15. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20.

Analyst Upgrades and Downgrades

RACE has been the topic of several research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research report on Friday, April 10th. JPMorgan Chase & Co. lifted their price target on Ferrari from $407.00 to $447.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. UBS Group lowered their price target on Ferrari from $555.00 to $483.00 and set a “buy” rating on the stock in a research report on Wednesday, April 1st. Morgan Stanley set a $420.00 price target on Ferrari in a research report on Monday, February 16th. Finally, Jefferies Financial Group upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, March 31st. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $469.06.

Ferrari 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.