Short Interest in Ferrari (NYSE:RACE) Expands By 21.6%

Ferrari (NYSE:RACE) was the recipient of a large growth in short interest in February. As of February 28th, there was short interest totalling 1,520,000 shares, a growth of 21.6% from the February 13th total of 1,250,000 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average trading volume of 354,800 shares, the days-to-cover ratio is currently 4.3 days.

Ferrari Stock Up 1.3 %

NYSE RACE traded up $5.94 on Wednesday, hitting $452.37. 112,632 shares of the stock traded hands, compared to its average volume of 284,578. 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 stock has a 50-day moving average of $455.30 and a 200 day moving average of $454.73. Ferrari has a twelve month low of $399.27 and a twelve month high of $509.13. The company has a market capitalization of $109.64 billion, a P/E ratio of 49.46, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

A number of hedge funds have recently added to or reduced their stakes in RACE. HBK Sorce Advisory LLC boosted its holdings in shares of Ferrari by 3.6% in the 4th quarter. HBK Sorce Advisory LLC now owns 626 shares of the company’s stock valued at $266,000 after buying an additional 22 shares during the period. Elite Wealth Management Inc. lifted its stake in Ferrari by 1.0% in the third quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock valued at $1,225,000 after buying an additional 25 shares during the last quarter. Citizens Financial Group Inc. RI grew its position in shares of Ferrari by 4.4% during the fourth quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company’s stock worth $251,000 after acquiring an additional 25 shares during the last quarter. Garde Capital Inc. increased its holdings in shares of Ferrari by 5.0% in the 4th quarter. Garde Capital Inc. now owns 525 shares of the company’s stock worth $223,000 after acquiring an additional 25 shares during the period. Finally, PDS Planning Inc lifted its position in Ferrari by 4.8% in the 4th quarter. PDS Planning Inc now owns 589 shares of the company’s stock valued at $250,000 after purchasing an additional 27 shares during the last quarter.

Wall Street Analyst Weigh In

RACE has been the subject of a number of analyst reports. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Finally, Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Ferrari currently has a consensus rating of “Moderate Buy” and an average target price of $507.14.

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.