Castleark Management LLC Takes $1.98 Million Position in Ferrari N.V. $RACE

Castleark Management LLC bought a new position in Ferrari N.V. (NYSE:RACE) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 5,310 shares of the company’s stock, valued at approximately $1,977,000.

Other large investors have also recently modified their holdings of the company. AQR Capital Management LLC raised its position in Ferrari by 78.9% in the 1st quarter. AQR Capital Management LLC now owns 3,568 shares of the company’s stock worth $1,527,000 after purchasing an additional 1,574 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Ferrari by 31.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 194 shares of the company’s stock worth $82,000 after buying an additional 46 shares during the period. Woodline Partners LP purchased a new stake in shares of Ferrari in the first quarter worth approximately $1,519,000. Sivia Capital Partners LLC lifted its stake in shares of Ferrari by 67.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 913 shares of the company’s stock worth $448,000 after acquiring an additional 368 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Ferrari by 7.5% during the 2nd quarter. Rhumbline Advisers now owns 1,370 shares of the company’s stock worth $672,000 after acquiring an additional 96 shares during the last quarter.

Ferrari Price Performance

Shares of RACE stock opened at $412.82 on Thursday. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $504.49. The stock has a market capitalization of $96.58 billion, a price-to-earnings ratio of 38.33, a P/E/G ratio of 3.63 and a beta of 0.91. The stock has a fifty day simple moving average of $388.05 and a two-hundred day simple moving average of $362.18. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Friday, July 31st. The company reported $2.99 EPS for the quarter, beating the consensus estimate of $2.83 by $0.16. The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.38 earnings per share. On average, analysts predict that Ferrari N.V. will post 11.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RACE has been the topic of several research analyst reports. Citigroup reaffirmed a “neutral” rating on shares of Ferrari in a research report on Monday, August 3rd. Morgan Stanley reissued an “overweight” rating and set a $442.00 target price on shares of Ferrari in a research note on Friday, July 31st. Wolfe Research began coverage on shares of Ferrari in a research note on Tuesday, July 7th. They issued an “outperform” rating on the stock. Needham & Company LLC raised shares of Ferrari to a “neutral” rating in a research report on Friday, July 31st. Finally, UBS Group dropped their target price on shares of Ferrari from $497.00 to $490.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $477.15.

Ferrari Company Profile

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.