Ferrari (NYSE:RACE): Periodic Report on the Buyback Program
#Ferrari #stock #buyback #program
Ferrari NV (NYSE:RACE) informs that the Company has purchased, under the 4th tranche of the common share buyback program announced on March 11, 2021 additional common shares – reported in aggregate form, on a daily basis – on the Italian Stock Exchange (MTA) and on the New York Stock Exchange (NYSE) as follows:
MTA
NYSE
Total
Number of common shares purchased
Average price per share
Consideration
excluding fees
Number of common shares purchased
Average price per share
Consideration
excluding fees
Consideration
excluding fees
Number of common shares purchased
Average price per share
Consideration
excluding fees
Date
excluding fees
excluding fees
excluding fees
(d/m/y)
(€)
(€)
($)
($)
(€)*
(€)*
(€)*
21/06/2021
-
-
-
4,002
202.4647
810,263.73
681,409.24
4,002
170.2672
681,409.24
22/06/2021
8,528
169.1934
1,442,881.32
5,226
201.1726
1,051,328.01
883,914.59
13,754
169.1723
2,326,795.91
23/06/2021
16,000
167.8442
2,685,507.20
5,631
200.1803
1,127,215.27
943,197.45
21,631
167.7548
3,628,704.65
24/06/2021
4,184
167.5815
701,161.00
-
-
-
-
4,184
167.5815
701,161.00
28,712
168.2067
4,829,549.52
14,859
201.1446
2,988,807.01
2,508,521.27
43,571
168.4164
7,338,070.79
Total
Since the announcement of the Fourth Tranche of the buyback program dated March 11, 2021 till June 25, 2021, the total invested consideration has been:
• Euro 81,007,689.03 for No. 473,419 common shares purchased on the MTA.
• USD 14,855,873.08 (Euro 12,344,257.92*) for No. 72,815 common shares purchased on the NYSE
As of June 25, 2021, the Company held in treasury No. 9,458,745 common shares equal to 3.68% 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 June 25, 2021, the Company has purchased a total of 4,273,419 own common shares on MTA and NYSE for a total consideration of Euro 596,774,180.13.
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).
(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase
Attachment
Ferrari is The Aristocrat of the automotive sector.
Ferrari closed Monday at 205.42 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.
Key technical indicators are Bearish in here, but Bullish 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 207, and the Key resistance is now at 217.08. The 16 June Doji candlestick augurs a return to the Very Bullish trend.
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. Citi downgraded the stock from Neutral to sell. 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.
Have a positive week, Keep the Faith!
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