Ferrari (NYSE:RACE) Lifted to Buy at Goldman Sachs Group
Ferrari (NYSE:RACE) was upgraded by Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, The Fly reports.
Other analysts also recently issued research reports about the stock. HSBC downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Bank of America raised their price objective on shares of Ferrari from $150.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Evercore ISI upgraded shares of Ferrari from an “in-line” rating to an “outperform” rating in a report on Thursday, May 23rd. UBS Group raised their price objective on shares of Ferrari from $160.00 to $187.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. They noted that the move was a valuation call. Finally, Morgan Stanley raised their price objective on shares of Ferrari from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $166.93.
Shares of RACE stock traded up $2.81 on Tuesday, hitting $160.82. The stock had a trading volume of 196,410 shares, compared to its average volume of 414,836. The company’s 50 day moving average is $163.80. The company has a market cap of $30.38 billion, a PE ratio of 40.00, a price-to-earnings-growth ratio of 2.31 and a beta of 1.34. The company has a debt-to-equity ratio of 1.48, a quick ratio of 3.20 and a current ratio of 3.77. Ferrari has a 12-month low of $93.85 and a 12-month high of $170.54.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ellis Investment Partners LLC bought a new position in Ferrari during the first quarter worth about $27,000. Atlas Capital Advisors LLC boosted its position in Ferrari by 63.4% during the second quarter. Atlas Capital Advisors LLC now owns 219 shares of the company’s stock worth $36,000 after purchasing an additional 85 shares during the period. Commonwealth Bank of Australia boosted its position in Ferrari by 44.4% during the second quarter. Commonwealth Bank of Australia now owns 231 shares of the company’s stock worth $36,000 after purchasing an additional 71 shares during the period. Advisory Services Network LLC boosted its position in Ferrari by 121.6% during the second quarter. Advisory Services Network LLC now owns 246 shares of the company’s stock worth $40,000 after purchasing an additional 135 shares during the period. Finally, Capital Advisors Ltd. LLC bought a new position in Ferrari during the first quarter worth about $48,000. Institutional investors and hedge funds own 35.80% of the company’s stock.
Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.
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