Ferrari (NYSE:RACE) Shares Gap Down – Should You Sell?

Ferrari (NYSE:RACE)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $433.98, but opened at $421.01. Ferrari shares last traded at $423.15, with a volume of 83,254 shares.

Analyst Upgrades and Downgrades

RACE has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. decreased their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Finally, Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Ferrari has a consensus rating of “Moderate Buy” and an average target price of $497.86.

Ferrari Stock Up 3.1 %

The company’s 50-day simple moving average is $456.12 and its 200 day simple moving average is $452.75. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The firm has a market cap of $103.41 billion, a P/E ratio of 46.63, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be paid a dividend of $3.1265 per share. This is a boost from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. Ferrari’s payout ratio is presently 5.63%.

Hedge Funds Weigh In On Ferrari

Institutional investors and hedge funds have recently modified their holdings of the stock. Hanson & Doremus Investment Management purchased a new position in Ferrari during the fourth quarter worth $26,000. Park Square Financial Group LLC purchased a new stake in Ferrari in the 4th quarter worth about $32,000. Hobbs Group Advisors LLC bought a new stake in Ferrari in the third quarter worth about $47,000. Armstrong Advisory Group Inc. lifted its stake in Ferrari by 100.0% in the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after purchasing an additional 50 shares during the last quarter. Finally, Kestra Investment Management LLC purchased a new position in shares of Ferrari during the fourth quarter valued at approximately $45,000.

Ferrari Company Profile

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.