Ferrari (NYSE:RACE) Shares Gap Up After Better-Than-Expected Earnings

Ferrari (NYSE:RACE)’s share price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $428.94, but opened at $453.69. Ferrari shares last traded at $464.51, with a volume of 379,758 shares traded.

The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period in the prior year, the firm earned $1.98 earnings per share. Ferrari’s revenue was up 6.5% on a year-over-year basis.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. UBS Group increased their price objective on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $385.00 to $525.00 in a research note on Friday, October 11th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Evercore ISI lifted their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RACE. E Fund Management Hong Kong Co. Ltd. acquired a new position in Ferrari in the 3rd quarter worth about $29,000. Hanson & Doremus Investment Management acquired a new position in shares of Ferrari in the fourth quarter valued at approximately $26,000. Planning Capital Management Corp bought a new position in Ferrari in the 3rd quarter valued at approximately $30,000. Ashton Thomas Securities LLC acquired a new stake in Ferrari during the 3rd quarter worth approximately $33,000. Finally, FSC Wealth Advisors LLC acquired a new stake in Ferrari during the 3rd quarter worth approximately $47,000.

Ferrari Stock Up 7.1 %

The stock’s fifty day simple moving average is $433.53 and its two-hundred day simple moving average is $448.75. The stock has a market capitalization of $111.96 billion, a P/E ratio of 53.35, a price-to-earnings-growth ratio of 3.72 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

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.