Ferrari (NYSE:RACE) Sees Large Growth in Short Interest

Ferrari (NYSE:RACE) was the target of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 1,520,000 shares, an increase of 21.6% from the February 13th total of 1,250,000 shares. Based on an average daily volume of 354,800 shares, the short-interest ratio is presently 4.3 days. Approximately 1.2% of the company’s stock are short sold.

Hedge Funds Weigh In On Ferrari

Several large investors have recently added to or reduced their stakes in RACE. Hanson & Doremus Investment Management bought a new stake in shares of Ferrari during the fourth quarter valued at approximately $26,000. Park Square Financial Group LLC acquired a new position in shares of Ferrari in the 4th quarter valued at $32,000. Armstrong Advisory Group Inc. lifted its holdings in shares of Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after acquiring an additional 50 shares during the period. Kestra Investment Management LLC acquired a new stake in shares of Ferrari during the 4th quarter valued at about $45,000. Finally, Hobbs Group Advisors LLC acquired a new position in Ferrari in the third quarter worth about $47,000.

Ferrari Price Performance

Shares of Ferrari stock opened at $453.34 on Thursday. 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 company has a market cap of $109.88 billion, a PE ratio of 49.55, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The firm has a fifty day moving average price of $455.70 and a two-hundred day moving average price of $454.72. Ferrari has a fifty-two week low of $399.27 and a fifty-two week high of $509.13.

Ferrari Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on RACE shares. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating on the stock. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Company Profile

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.