Ferrari (NYSE:RACE) Share Price Crosses Below 50 Day Moving Average – Should You Sell?

Ferrari (NYSE:RACE)’s stock price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $444.77 and traded as low as $422.61. Ferrari shares last traded at $424.84, with a volume of 138,571 shares trading hands.

Analyst Ratings Changes

Several research firms have issued reports on RACE. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $385.00 to $525.00 in a report on Friday, October 11th. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. UBS Group boosted their price target on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, Evercore ISI increased their price objective on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Price Performance

The stock has a fifty day moving average of $444.77 and a 200 day moving average of $447.15. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The stock has a market cap of $78.49 billion, a price-to-earnings ratio of 49.34, a P/E/G ratio of 4.26 and a beta of 0.95.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same period last year, the company earned $1.98 earnings per share. The firm’s revenue was up 6.5% on a year-over-year basis. On average, analysts expect that Ferrari will post 8.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC grew its stake in shares of Ferrari by 910.1% during the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after purchasing an additional 2,636,869 shares during the period. International Assets Investment Management LLC grew its position in Ferrari by 47,023.5% during the third quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after buying an additional 1,178,410 shares during the period. Marshall Wace LLP increased its holdings in Ferrari by 108.4% in the second quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock valued at $361,961,000 after buying an additional 461,409 shares in the last quarter. Quadrature Capital Ltd raised its position in shares of Ferrari by 83.7% in the third quarter. Quadrature Capital Ltd now owns 231,279 shares of the company’s stock worth $108,417,000 after acquiring an additional 105,390 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in shares of Ferrari by 89.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company’s stock worth $103,621,000 after acquiring an additional 104,366 shares in the last quarter.

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.