Ferrari (RACE) Set to Announce Earnings on Wednesday

Ferrari (NYSE:RACE – Get Free Report) is set to announce its earnings results before the market opens on Wednesday, August 2nd. Analysts expect the company to announce earnings of $1.68 per share for the quarter. Ferrari has set its FY23 guidance at 6.00-6.20 EPS and its FY 2023 guidance at $6.44-$6.65 EPS.Persons that wish to listen to the company’s earnings conference call can do so using this link.

Ferrari (NYSE:RACE – Get Free Report) last released its quarterly earnings results on Thursday, May 4th. The company reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.17. Ferrari had a return on equity of 39.25% and a net margin of 18.68%. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.47 billion. On average, analysts expect Ferrari to post $7 EPS for the current fiscal year and $8 EPS for the next fiscal year.

Ferrari Stock Down 0.3 %

Ferrari stock opened at $316.23 on Wednesday. Ferrari has a twelve month low of $176.82 and a twelve month high of $329.88. The stock has a 50 day moving average of $307.11 and a two-hundred day moving average of $280.01. The company has a quick ratio of 3.41, a current ratio of 4.17 and a debt-to-equity ratio of 0.96.

Institutional Inflows and Outflows

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A number of institutional investors have recently modified their holdings of RACE. Angeles Wealth Management LLC lifted its position in Ferrari by 3.1% during the 4th quarter. Angeles Wealth Management LLC now owns 1,755 shares of the company’s stock worth $376,000 after buying an additional 52 shares in the last quarter. Wetherby Asset Management Inc. raised its holdings in Ferrari by 0.9% in the 1st quarter. Wetherby Asset Management Inc. now owns 6,785 shares of the company’s stock valued at $1,838,000 after acquiring an additional 58 shares during the period. Blair William & Co. IL raised its holdings in Ferrari by 2.1% in the 1st quarter. Blair William & Co. IL now owns 3,112 shares of the company’s stock valued at $679,000 after acquiring an additional 65 shares during the period. Bleakley Financial Group LLC raised its holdings in Ferrari by 5.7% in the 1st quarter. Bleakley Financial Group LLC now owns 1,327 shares of the company’s stock valued at $360,000 after acquiring an additional 72 shares during the period. Finally, Advisors Asset Management Inc. grew its position in shares of Ferrari by 11.3% during the 1st quarter. Advisors Asset Management Inc. now owns 868 shares of the company’s stock worth $235,000 after purchasing an additional 88 shares in the last quarter.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RACE. JPMorgan Chase & Co. lifted their target price on Ferrari from $245.00 to $260.00 in a report on Monday, May 8th. The Goldman Sachs Group upgraded Ferrari from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $182.00 to $283.00 in a research report on Thursday, April 6th. Barclays initiated coverage on Ferrari in a research report on Tuesday, May 2nd. They issued an “equal weight” rating for the company. UBS Group increased their price objective on Ferrari from $345.00 to $365.00 in a research report on Tuesday, May 9th. Finally, Morgan Stanley reissued an “overweight” rating and set a $340.00 target price on shares of Ferrari in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus price target of $304.20.

About Ferrari

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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.