Ferrari (NASDAQ:RACE) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research note issued on Wednesday.

According to Zacks, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A as well as two grand tourer (GT) cars: California T and FF. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy. “

A number of other equities analysts have also issued reports on the company. Morgan Stanley reaffirmed an “overweight” rating and set a $56.00 price target (up from $54.00) on shares of Ferrari in a research note on Wednesday, August 17th. Societe Generale started coverage on Ferrari in a research note on Thursday, October 13th. They set a “sell” rating and a $45.00 price target for the company.

Shares of Ferrari (NASDAQ:RACE) opened at 52.40 on Wednesday. Ferrari has a 52 week low of $31.66 and a 52 week high of $60.97. The firm’s 50-day moving average price is $50.37 and its 200 day moving average price is $45.28. The firm has a market capitalization of $9.90 billion and a price-to-earnings ratio of 27.49.

Ferrari (NASDAQ:RACE) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.08. On average, analysts anticipate that Ferrari will post $2.14 EPS for the current year.

Large investors have recently added to or reduced their stakes in the company. Commerzbank Aktiengesellschaft FI boosted its stake in shares of Ferrari by 4.0% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 211,544 shares of the company’s stock valued at $8,658,000 after buying an additional 8,191 shares during the period. World Asset Management Inc boosted its stake in shares of Ferrari by 8.2% in the second quarter. World Asset Management Inc now owns 11,690 shares of the company’s stock valued at $478,000 after buying an additional 890 shares during the period. Societe Generale acquired a new stake in shares of Ferrari during the second quarter valued at approximately $1,360,000. Swiss National Bank boosted its stake in shares of Ferrari by 0.7% in the second quarter. Swiss National Bank now owns 828,979 shares of the company’s stock valued at $33,727,000 after buying an additional 5,507 shares during the period. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Ferrari during the second quarter valued at approximately $7,080,000.

5 Day Chart for NASDAQ:RACE

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