X Square Capital LLC Takes $1.40 Million Position in Ferrari N.V. $RACE

X Square Capital LLC bought a new position in Ferrari N.V. (NYSE:RACE) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 3,759 shares of the company’s stock, valued at approximately $1,399,000.

Other large investors have also recently modified their holdings of the company. William Blair Investment Management LLC purchased a new stake in Ferrari during the 2nd quarter valued at $55,131,000. Korea Investment CORP purchased a new position in Ferrari during the second quarter worth $83,570,000. EP Wealth Advisors LLC purchased a new position in Ferrari during the second quarter worth $214,000. Rakuten Securities Inc. bought a new position in Ferrari during the second quarter valued at $140,000. Finally, Ieq Capital LLC bought a new position in Ferrari during the second quarter valued at $1,852,000.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Needham & Company LLC raised shares of Ferrari to a “neutral” rating in a research note on Friday, July 31st. UBS Group dropped their price target on shares of Ferrari from $497.00 to $490.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Wolfe Research initiated coverage on shares of Ferrari in a report on Tuesday, July 7th. They set an “outperform” rating on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a research report on Wednesday, July 8th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $442.00 price objective on shares of Ferrari in a research note on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $477.15.

Ferrari Stock Performance

RACE stock opened at $436.38 on Friday. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86. The business’s fifty day simple moving average is $384.67 and its two-hundred day simple moving average is $360.22. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $504.49. The firm has a market cap of $102.09 billion, a price-to-earnings ratio of 40.51, a PEG ratio of 3.75 and a beta of 0.91.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Friday, July 31st. The company reported $2.99 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.16. The firm had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.14 billion. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.38 earnings per share. Analysts predict that Ferrari N.V. will post 11.18 earnings per share for the current year.

Ferrari Profile

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.