Ferrari’s (NYSE:RACE) Periodic Report on the Buyback Program

#Ferrari #stock #buyback

$RACE

Ferrari N.V. (NYSE:RACE) informs that the Company has purchased, under the 5th tranche of the common share buyback program announced on October 4, 2021 (“Fifth Tranche”), additional common shares – reported in aggregate form, on a daily basis on the Italian Stock Exchange (MTA) as follows:



Trading
Date
(dd/mm/yyyy)


Stock Exchange


Number of common shares purchased


Average price per share
excluding fees
(€)


Consideration excluding fees



(€)
11/10/2021MTA5,929183.81771,089,855.10
12/10/2021MTA6,060186.21121,128,440.10
13/10/2021MTA7,495186.85441,400,474.10
14/10/2021MTA4,367187.8802820,472.90
15/10/2021MTA4,069191.8757780,742.15


Total


27,920186.96225,219,984.35

Since the announcement of the Fifth Tranche of the buyback program dated October 4, 2021 till October 15, 2021, the total invested consideration has been:

  • Euro 11,860,897.60 for No. 64,930 common shares purchased on the MTA.

As of October 15, 2021, the Company held in treasury No. 9,837,833 common shares equal to 3.82% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company’s equity incentive plan.

Since January 1, 2019 until October 15, 2021, the Company has purchased a total of 4,652,507 own common shares on MTA and NYSE for a total consideration of Euro 665,282,599.84.

A comprehensive overview of the transactions carried out under the buyback program, as well as the details of the above transactions, are available on Ferrari’s corporate website under the Buyback Programs section (http://corporate.ferrari.com/en/investors/stock-and-shareholder-corner/buyback-programs).

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Ferrari is The Aristocrat of the automotive sector.

Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos

Our overall technical outlook is still Bullish, a Key indicators are Bullish long-term. Ferrari reported strong earnings for Q-3 on 3 November and did the same for Q-4 and F-Y 2020 as reported on 2 February.

Ferrari finished Tuesday at 224.69 within its 52 wk range of 127.73 – 233.66 in NY. It’s all time high in NY was marked at 233.66 intraday on 29 December. RACE is now just 4.27% shy of its all time high.

Key technical indicators have turned Bullish mid-to long term. The candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.

The Key support is at 223.45 and the Key resistance is at 225.88. The 12 October DOJI augurs the Bullish trend will continue. All of our Key technical indicators are flashing Very Bullish in here.

Friday, Morgan Stanley called out $RACE a “sleeper” EV play as the firm can justify more than 100% of the company’s value with its ICE business.

Note: At the beginning of Y 2020 I called RACE at 230 by year’s end, the stock was trading at 165.22 on 1 January 2020, on 29 December 2020 it marked 233.66 intraday, its all time high

The Maranello Outfit’s shares were raised to Buy from Hold at HSBC, and Buys at Morgan Stanley and Bank of America.

UBS is now calling the stock at 365. I have not seen any other Street downgrades.

Ferrari will continue to create value in the long term as it becomes the world’s 1st Super Luxury brand.

Ferrari is a quality 1st long term luxury products investment, BAML raised its call to 270 long term.

I have raised my long term target to 375, a Strong Bull call, the strongest on the Street and am holding the mark during this recent profit taking, and seeing RACE as a buying opportunity.

Ferrari has an average rating of Buy and a consensus target price at 231.99.

The Maranello Outfit’s shares were raised downgraded from Buy to Hold at HSBC.

Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I am calling it 375 long term, the Top on the Street, and adjusting it to 250/share short term.

A number of large investors have recently bought shares of RACE, and there have been very few instances of insider selling over the past yr that we have seen. And Ferrari continues to buy back its stock in here.

The stock is considered defensive in the sector.

There is F1 racing this weekend at CODA, going…

Have a prosperous day, Keep the Faith!

#Aristocrat#buyback#F1#Ferrari#Italian#race#racing#resistance#stock#Supercar#support#valuse