Freedom Investment Management Inc. Lowers Holdings in Ferrari N.V. $RACE

Freedom Investment Management Inc. decreased its holdings in Ferrari N.V. (NYSE:RACE) by 3.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,908 shares of the company’s stock after selling 68 shares during the quarter. Freedom Investment Management Inc.’s holdings in Ferrari were worth $936,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RACE. Goldman Sachs Group Inc. grew its holdings in Ferrari by 52.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company’s stock valued at $974,332,000 after buying an additional 781,587 shares during the period. Groupe la Francaise purchased a new stake in Ferrari in the 1st quarter valued at about $238,818,000. Nuveen LLC purchased a new stake in Ferrari in the 1st quarter valued at about $233,200,000. Vanguard Group Inc. grew its holdings in Ferrari by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company’s stock valued at $2,165,683,000 after buying an additional 377,929 shares during the period. Finally, Citigroup Inc. grew its holdings in Ferrari by 155.1% in the 1st quarter. Citigroup Inc. now owns 269,862 shares of the company’s stock valued at $115,469,000 after buying an additional 164,092 shares during the period.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RACE shares. Royal Bank Of Canada reiterated an “outperform” rating on shares of Ferrari in a report on Monday, August 4th. Citigroup decreased their target price on Ferrari from $579.00 to $529.00 and set a “buy” rating for the company in a report on Thursday, October 16th. HSBC upgraded Ferrari from a “hold” rating to a “buy” rating and set a $470.00 target price for the company in a report on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Tuesday, September 2nd. Finally, Berenberg Bank set a $570.00 target price on Ferrari in a report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Ferrari currently has a consensus rating of “Buy” and an average price target of $505.50.

Ferrari Stock Up 1.4%

NYSE RACE opened at $408.59 on Friday. The stock has a market cap of $99.03 billion, a PE ratio of 42.17, a P/E/G ratio of 4.27 and a beta of 1.08. Ferrari N.V. has a fifty-two week low of $372.31 and a fifty-two week high of $519.10. The business has a 50 day moving average price of $459.99 and a two-hundred day moving average price of $467.84. The company has a quick ratio of 3.94, a current ratio of 5.09 and a debt-to-equity ratio of 0.89.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.70 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.13. The firm had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Ferrari had a return on equity of 45.41% and a net margin of 22.95%.Ferrari’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.29 EPS. Ferrari has set its FY 2025 guidance at 9.751- EPS. As a group, sell-side analysts predict that Ferrari N.V. will post 9.22 EPS for the current fiscal year.

About Ferrari

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.