Ferrari (NYSE:RACE) Shares Gap Down – Time to Sell?

Ferrari (NYSE:RACE) gapped down before the market opened on Wednesday . The stock had previously closed at $433.98, but opened at $421.01. Ferrari shares last traded at $423.15, with a volume of 83,254 shares changing hands.

Analyst Ratings Changes

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

Ferrari Price Performance

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 company has a market capitalization of $102.32 billion, a price-to-earnings ratio of 46.11, a PEG ratio of 4.43 and a beta of 0.94. The company has a 50 day moving average price of $456.62 and a 200 day moving average price of $453.21.

Ferrari Increases Dividend

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

Institutional Inflows and Outflows

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

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.