Ferrari N.V. $RACE Shares Sold by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC cut its stake in Ferrari N.V. (NYSE:RACE) by 38.5% in the first quarter, HoldingsChannel reports. The fund owned 10,856 shares of the company’s stock after selling 6,800 shares during the period. Manning & Napier Advisors LLC’s holdings in Ferrari were worth $3,674,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Fideuram Asset Management Ireland dac acquired a new stake in shares of Ferrari during the 4th quarter worth approximately $29,000. Community Bank N.A. acquired a new position in shares of Ferrari in the 3rd quarter valued at $33,000. Entrust Financial LLC purchased a new stake in Ferrari during the fourth quarter worth $33,000. Bellevue Asset Management LLC purchased a new stake in Ferrari during the first quarter worth $34,000. Finally, Bamco Inc. NY boosted its holdings in Ferrari by 790.9% during the fourth quarter. Bamco Inc. NY now owns 98 shares of the company’s stock worth $36,000 after buying an additional 87 shares in the last quarter.

Analysts Set New Price Targets

A number of research firms have weighed in on RACE. Morgan Stanley raised shares of Ferrari from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $388.00 to $438.00 in a report on Monday, June 15th. UBS Group increased their target price on shares of Ferrari from $483.00 to $497.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Wolfe Research initiated coverage on Ferrari in a research report on Tuesday, July 7th. They set an “outperform” rating on the stock. Jefferies Financial Group upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Tuesday, March 31st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a report on Wednesday. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $471.97.

Ferrari News Roundup

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Mercedes boss Toto Wolff said Ferrari could challenge Mercedes for the rest of the F1 season, a comment that may boost sentiment around Ferrari’s competitive outlook and brand visibility. Toto Wolff warns Ferrari will challenge Mercedes for ‘rest of the F1 season’
• Positive Sentiment: Ferrari’s Madrid track filming day and its data-gathering efforts ahead of rivals highlight ongoing F1 development, which can support enthusiasm around the team’s performance momentum. First look: Ferrari gives Madrid track its F1 debut on filming day Ferrari begins gathering what could be crucial data ahead of its F1 rivals
• Neutral Sentiment: Several articles covered Ferrari cars in drag races and enthusiast content, which may help brand exposure but is unlikely to materially affect the stock. Is the Ferrari Pista faster than the Ferrari F8 Tributo in drag race? Lamborghini Revuelto faces Ferrari 296 GTB in drag race
• Negative Sentiment: An article on Ferrari’s Austria engine upgrade said the race exposed problems the update could not fix, which could weigh on sentiment if investors view it as a sign of persistent performance issues in F1. Ferrari brought an engine upgrade to Austria – then the race exposed everything it could not fix
• Negative Sentiment: Coverage of a Ferrari race car crash at Watkins Glen and a classic Mini destroying a tuned Ferrari in a drag race may be mildly negative for brand optics, though likely limited in financial impact. Ferrari race car crash at Watkins Glen during 130 mph run Classic Mini Destroys Tuned Ferrari 488 In Wild Drag Race Battle

Ferrari Price Performance

Shares of NYSE:RACE traded up $2.11 during trading on Friday, reaching $376.78. The stock had a trading volume of 250,131 shares, compared to its average volume of 498,534. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. 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 $88.15 billion, a PE ratio of 36.16, a PEG ratio of 3.23 and a beta of 0.92. The business has a fifty day moving average price of $352.36 and a 200-day moving average price of $352.64.

About Ferrari

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.