Ferrari (NYSE:RACE) Sees Significant Increase in Short Interest

Ferrari (NYSE:RACE) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 2,050,000 shares, an increase of 34.0% from the March 15th total of 1,530,000 shares. Based on an average trading volume of 490,500 shares, the days-to-cover ratio is presently 4.2 days. Approximately 1.6% of the company’s shares are sold short.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 28th. JPMorgan Chase & Co. decreased their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating for the company. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari currently has a consensus rating of “Moderate Buy” and an average target price of $481.60.

Institutional Investors Weigh In On Ferrari

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Insigneo Advisory Services LLC raised its position in shares of Ferrari by 6.6% in the 1st quarter. Insigneo Advisory Services LLC now owns 941 shares of the company’s stock worth $401,000 after buying an additional 58 shares during the period. Grove Bank & Trust grew its holdings in shares of Ferrari by 200.0% during the 1st quarter. Grove Bank & Trust now owns 180 shares of the company’s stock worth $77,000 after purchasing an additional 120 shares during the period. QRG Capital Management Inc. raised its holdings in Ferrari by 235.3% in the first quarter. QRG Capital Management Inc. now owns 2,183 shares of the company’s stock valued at $934,000 after buying an additional 1,532 shares during the period. Sowell Financial Services LLC acquired a new position in Ferrari during the first quarter valued at approximately $344,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Ferrari during the first quarter worth approximately $152,000.

Ferrari Price Performance

Shares of Ferrari stock traded up $7.01 during trading on Friday, reaching $439.76. The company’s stock had a trading volume of 239,651 shares, compared to its average volume of 328,119. The business has a 50 day moving average price of $450.23 and a 200-day moving average price of $447.34. The company has a market capitalization of $106.59 billion, a P/E ratio of 48.06, a price-to-earnings-growth ratio of 4.43 and a beta of 1.03. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a 12-month low of $391.54 and a 12-month high of $509.13.

Ferrari Increases Dividend

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

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.