Ferrari (NYSE:RACE) Trading Up 1.8% – Here’s What Happened

Shares of Ferrari (NYSE:RACE) were up 1.8% during trading on Friday . The company traded as high as $449.70 and last traded at $448.38. Approximately 54,524 shares were traded during trading, a decline of 81% from the average daily volume of 283,388 shares. The stock had previously closed at $440.66.

Wall Street Analyst Weigh In

A number of analysts have recently commented on RACE shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a report on Thursday, February 6th. They set a “hold” rating on the stock. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Trading Up 2.0 %

The stock has a 50-day simple moving average of $454.38 and a two-hundred day simple moving average of $455.56. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The firm has a market cap of $108.93 billion, a PE ratio of 49.12, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

Hedge funds have recently bought and sold shares of the business. Hanson & Doremus Investment Management purchased a new position in Ferrari in the 4th quarter worth about $26,000. Park Square Financial Group LLC bought a new stake in shares of Ferrari during the 4th quarter valued at about $32,000. Armstrong Advisory Group Inc. grew its stake in shares of Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after purchasing an additional 50 shares during the period. Kestra Investment Management LLC bought a new stake in shares of Ferrari during the 4th quarter valued at about $45,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Ferrari during the 3rd quarter valued at about $47,000.

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.