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

#Ferrari #share #buyback

$RACE

Ferrari N.V. (NYSE:RACE) announces that the Company has purchased, under the 4th tranche of the common share buyback program announced on 11 March 11, 2021, that common shares reported in aggregate form, have been reported 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



(€)
12/03/2021MTA6,000163.2566979,539.60
15/03/2021MTA6,000163.6607981,964.20
16/03/2021MTA6,000164.9980989,988.00
17/03/2021MTA4,000164.2357656,942.80
18/03/2021MTA5,000163.2737816,368.50
19/03/2021MTA5,000164.4405822,202.50
22/03/2021MTA5,000169.8372849,186.00


Total




37,000
164.76196,096,191.60

Since the announcement of the Fourth Tranche of the buyback program dated 11 March till 22 March 2021, the total invested consideration has been: EUR 6,096,191.60 for No. 37,000 common shares purchased on the MTA.

Under the Company’s equity incentive plans, on 16 March 2021 the Company assigned, inter alia, to certain employees and former CEO of Ferrari Group 206,571 common shares held in treasury.

On 17 March 2021 Ferrari purchased 93,473 common shares from a group of those employees and former CEO in order to cover the individual’s taxable income as is standard practice (Sell to Cover) in an over-the-counter transaction executed at the price of EUR165.1/share equal to the Reference Price of MTA-Borsa Italiana of the previous day.

As of 22 March 2021, the Company held in treasury 8,949,511 common shares equal to 3.48% of the total issued share capital including the common shares and the special voting shares.

Since 1 January 2019 and until 22 March 2021, the Company has purchased a total of 3,764,185 own common shares on MTA and NYSE for a total consideration of EUR509,518,424.76.

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).

Attachment

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 closed Friday at 197.06 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.

A Key technical indicator has turned Very Bullish. Ferrari’s stock is still very oversold in here, but the pattern still indicates the confirmation of the break out at 196.01 on 3 November and confirmed.

The Key support is strong at 196.76 and the Key resistance is at 210.84 at the close Friday in NY.

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 243.60.

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

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.

The stock is considered defensive in the sector.

Have a healthy day, Keep the Faith!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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