Ferrari’s (NYSE:RACE) Periodic Report on its Stock Buyback Program
#Ferrari #stock #buyback
Ferrari N.V. (NYSE:RACE) informs that the Company has purchased, under the 4th tranche of the common share buyback program announced on 11 March 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)
(€)
(€)
($)
($)
(€)*
(€)*
(€)*
30/08/2021
-
-
-
5,642
218.1006
1,230,523.59
1,042,728.23
5,642
184.8154
1,042,728.23
31/08/2021
7,088
182.8120
1,295,771.46
2,420
217.2413
525,723.95
444,248.73
9,508
183.0059
1,740,020.19
01/09/2021
9,000
184.2290
1,658,061.00
-
-
-
-
9,000
184.2290
1,658,061.00
02/09/2021
-
-
-
4,503
219.7928
989,726.98
835,494.66
4,503
185.5418
835,494.66
03/09/2021
-
-
-
4,031
219.0103
882,830.52
743,624.09
4,031
184.4763
743,624.09
16,088
183.6047
2,953,832.46
16,596
218.6554
3,628,805.04
3,066,095.71
32,684
184.1858
6,019,928.17
Total
Since the announcement of the Fourth Tranche of the buyback program dated March 11, 2021 till September 3, 2021, the total invested consideration has been:
• Euro 102,487,991.06 for No. 596,247 common shares purchased on the MTA.
• USD 25,422,611.83 (Euro 21,290,641.23 *) for No. 122,323 common shares purchased on the NYSE
As of 3 September 2021, the Company held in treasury No. 9,631,081 common shares equal to 3.74% 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 1 January 2019 until 3 September 2021, the Company has purchased a total of 4,445,755 own common shares on MTA and NYSE for a total consideration of Euro 627,200,865.45.
(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase
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.
Ferrari is trading after-market Wednesday at 221.00 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 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 217.88 and the resistance is light through 225.88. The 7 September candlestick augurs the Very Bullish trend. Our Key technical indicators have turned Very Bullish across the board.
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.
Have a prosperous day, Keep the Faith!
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