MAI Capital Management has significantly increased its position in Ferrari N.V. (NYSE:RACE) by an impressive 168.3% during the second quarter of 2023. According to the latest filing with the Securities and Exchange Commission (SEC), the investment firm now owns 330 shares of Ferrari, having acquired an additional 207 shares throughout the quarter. As of the end of this reporting period, MAI Capital’s holdings in the luxury automaker are valued at approximately $162,000.
Several other institutional investors have also adjusted their stakes in Ferrari. Notably, Brooklyn Investment Group raised its investment by 381.3% in the first quarter, increasing its ownership to 77 shares, which are now worth $33,000 following the purchase of 61 additional shares. Similarly, GAMMA Investing LLC expanded its holdings by 41.2% during the second quarter, now owning 72 shares valued at $35,000 after acquiring 21 shares.
Creekmur Asset Management LLC displayed even more aggressive growth, boosting its stake by 660.0% during the same period, leading to ownership of 76 shares worth $37,000. Other notable movements include Centerpoint Advisors LLC, which purchased a new position valued at approximately $43,000, and Gordian Capital Singapore Pte Ltd, which increased its stake by 42.9% to 100 shares, also worth $43,000.
Analysts Adjust Price Targets for Ferrari
Recent analyst reports have prompted adjustments to Ferrari’s stock ratings and price targets. On October 2, 2023, HSBC upgraded Ferrari from a “hold” to a “buy” rating, setting a price target of $470.00. Conversely, Evercore ISI revised its target down from $580.00 to $475.00 while maintaining an “outperform” rating. The Royal Bank of Canada reiterated its “outperform” rating, while Deutsche Bank Aktiengesellschaft raised its rating from “hold” to “buy”. Citigroup also adjusted its target price from $579.00 to $529.00, maintaining a “buy” stance.
As it stands, three analysts have issued a Strong Buy rating for Ferrari, ten have rated it as a Buy, and two have given a Hold rating. The consensus rating for the stock is categorized as “Buy,” with an average price target of $498.00, according to data from MarketBeat.com.
Ferrari’s Financial Performance and Market Position
On November 4, 2023, Ferrari reported its latest earnings results, announcing earnings per share (EPS) of $2.50 for the quarter, surpassing the consensus estimate of $2.35 by $0.15. The company generated revenue of $2.07 billion, exceeding analyst expectations of $1.94 billion. Ferrari reported a return on equity of 44.20% and a net margin of 22.65%. Looking ahead, the company has set its fiscal year 2025 guidance at $10.290 EPS.
Ferrari shares opened at $383.10 recently, with a market capitalization of $92.86 billion. The company exhibits a quick ratio of 3.78, a current ratio of 4.90, and a debt-to-equity ratio of 0.76. The stock’s 50-day moving average price stands at $422.87, while the 200-day moving average price is $459.78. Ferrari’s stock has fluctuated between a fifty-two week low of $372.31 and a high of $519.10.
Founded in 1939, Ferrari N.V. engages in the design, engineering, production, and sale of luxury performance sports cars globally. The company offers a range of products, including limited edition supercars and one-off vehicles, along with services such as after-sales support, repairs, and maintenance. Ferrari also licenses its brand for various luxury and lifestyle goods, further enhancing its market presence.
