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Ferrari (RACE) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Ferrari (RACE - Free Report) closed at $300.90, marking a -0.81% move from the previous day. This change lagged the S&P 500's 0.73% gain on the day. Elsewhere, the Dow gained 0.62%, while the tech-heavy Nasdaq added 0.93%.
The the stock of luxury sports car maker has risen by 5.29% in the past month, leading the Auto-Tires-Trucks sector's loss of 8.5% and the S&P 500's loss of 2.29%.
Market participants will be closely following the financial results of Ferrari in its upcoming release. The company plans to announce its earnings on November 2, 2023. In that report, analysts expect Ferrari to post earnings of $1.60 per share. This would mark year-over-year growth of 29.03%. Our most recent consensus estimate is calling for quarterly revenue of $1.55 billion, up 23.41% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $6.85 per share and a revenue of $6.28 billion, representing changes of +27.8% and +17.1%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Ferrari. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.84% lower. Ferrari is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Ferrari is holding a Forward P/E ratio of 44.3. Its industry sports an average Forward P/E of 12.78, so one might conclude that Ferrari is trading at a premium comparatively.
It's also important to note that RACE currently trades at a PEG ratio of 2.82. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. RACE's industry had an average PEG ratio of 0.66 as of yesterday's close.
The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. Currently, this industry holds a Zacks Industry Rank of 162, positioning it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Ferrari (RACE) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Ferrari (RACE - Free Report) closed at $300.90, marking a -0.81% move from the previous day. This change lagged the S&P 500's 0.73% gain on the day. Elsewhere, the Dow gained 0.62%, while the tech-heavy Nasdaq added 0.93%.
The the stock of luxury sports car maker has risen by 5.29% in the past month, leading the Auto-Tires-Trucks sector's loss of 8.5% and the S&P 500's loss of 2.29%.
Market participants will be closely following the financial results of Ferrari in its upcoming release. The company plans to announce its earnings on November 2, 2023. In that report, analysts expect Ferrari to post earnings of $1.60 per share. This would mark year-over-year growth of 29.03%. Our most recent consensus estimate is calling for quarterly revenue of $1.55 billion, up 23.41% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $6.85 per share and a revenue of $6.28 billion, representing changes of +27.8% and +17.1%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Ferrari. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.84% lower. Ferrari is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Ferrari is holding a Forward P/E ratio of 44.3. Its industry sports an average Forward P/E of 12.78, so one might conclude that Ferrari is trading at a premium comparatively.
It's also important to note that RACE currently trades at a PEG ratio of 2.82. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. RACE's industry had an average PEG ratio of 0.66 as of yesterday's close.
The Automotive - Original Equipment industry is part of the Auto-Tires-Trucks sector. Currently, this industry holds a Zacks Industry Rank of 162, positioning it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.