Ferrari (NYSE:RACE) Issues Quarterly Earnings Results

Ferrari (NYSE:RACE) announced its quarterly earnings results on Tuesday. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03), Briefing.com reports. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. Ferrari’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.98 earnings per share. Ferrari updated its FY 2024 guidance to 8.680- EPS.

Ferrari Stock Performance

RACE traded up $0.68 during trading on Wednesday, reaching $441.68. The company’s stock had a trading volume of 429,909 shares, compared to its average volume of 279,268. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The firm has a fifty day simple moving average of $473.05 and a two-hundred day simple moving average of $440.91. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Morgan Stanley increased their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Evercore ISI increased their price target on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and raised their target price for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Finally, StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $502.14.

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.