Itau Unibanco Holding S.A. Purchases New Stake in Ferrari (NYSE:RACE)

Itau Unibanco Holding S.A. bought a new position in shares of Ferrari (NYSE:RACE) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 8,600 shares of the company’s stock, valued at approximately $4,043,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RACE. Rothschild Investment LLC purchased a new position in shares of Ferrari during the second quarter worth approximately $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in Ferrari in the third quarter valued at $29,000. Planning Capital Management Corp bought a new stake in Ferrari in the third quarter valued at $30,000. Valley Wealth Managers Inc. bought a new stake in shares of Ferrari during the 2nd quarter valued at $33,000. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Ferrari during the 3rd quarter valued at $33,000.

Ferrari Trading Up 0.7 %

RACE stock opened at $437.40 on Tuesday. Ferrari has a twelve month low of $330.15 and a twelve month high of $498.23. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The business’s fifty day simple moving average is $459.00 and its two-hundred day simple moving average is $443.68.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the previous year, the business earned $1.98 EPS. Ferrari’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, analysts predict that Ferrari will post 8.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. UBS Group boosted their price target on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Evercore ISI boosted their price objective on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley upped their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

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.