Ferrari (NYSE:RACE) Short Interest Down 18.2% in August

Ferrari (NYSE:RACE) was the recipient of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 1,350,000 shares, a decrease of 18.2% from the August 15th total of 1,650,000 shares. Approximately 1.1% of the shares of the stock are sold short. Based on an average trading volume of 242,300 shares, the short-interest ratio is currently 5.6 days.

Analyst Ratings Changes

Several analysts recently commented on the stock. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Morgan Stanley upped their target price on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, UBS Group upped their price objective on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $481.67.

Ferrari Price Performance

Shares of NYSE:RACE opened at $469.09 on Monday. The business has a 50-day moving average of $446.99 and a two-hundred day moving average of $428.51. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35. Ferrari has a 12 month low of $285.02 and a 12 month high of $498.23.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the company posted $1.99 earnings per share. The firm’s revenue was up 16.1% compared to the same quarter last year. On average, analysts anticipate that Ferrari will post 8.71 earnings per share for the current fiscal year.

Institutional Trading of Ferrari

A number of hedge funds have recently made changes to their positions in the company. Rothschild Investment LLC purchased a new stake in shares of Ferrari during the second quarter worth about $29,000. IAG Wealth Partners LLC acquired a new stake in Ferrari during the 1st quarter valued at approximately $33,000. Register Financial Advisors LLC purchased a new stake in Ferrari during the 1st quarter worth approximately $33,000. Valley Wealth Managers Inc. acquired a new position in shares of Ferrari in the 2nd quarter valued at approximately $33,000. Finally, Denver PWM LLC purchased a new position in shares of Ferrari during the 2nd quarter valued at approximately $35,000.

Ferrari Company Profile

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.