Ferrari N.V. (NYSE:RACE) announced that the Company has purchased, under the fourth 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 | ||||||||
| Trading | 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) | (€) | (€) | ($) | ($) | (€)* | (€)* | (€)* | |||
| 12/04/2021 | 13,000 | 175.3398 | 2,279,417.40 | – | – | – | – | 13,000 | 175.3398 | 2,279,417.40 |
| 13/04/2021 | 3,000 | 176.2705 | 528,811.50 | – | – | – | – | 3,000 | 176.2705 | 528,811.50 |
| 14/04/2021 | 3,000 | 175.8622 | 527,586.60 | 6,508 | 207.6801 | 1,351,582.09 | 1,129,707.53 | 9,508 | 174.3052 | 1,657,294.13 |
| 15/04/2021 | 8,000 | 175.7593 | 1,406,074.40 | – | – | – | – | 8,000 | 175.7593 | 1,406,074.40 |
| 16/04/2021 | 5,000 | 176.3090 | 881,545.00 | – | – | – | – | 5,000 | 176.3090 | 881,545.00 |
| 32,000 | 175.7323 | 5,623,434.90 | 6,508 | 207.6801 | 1,351,582.09 | 1,129,707.53 | 38,508 | 175.3699 | 6,753,142.43 | |
| Total | ||||||||||
Since the announcement of the Fourth Tranche of the buyback program dated March 11, 2021 till April 16, 2021, the total invested consideration has been:
• Euro 24,062,888.44 for No. 139,782 common shares purchased on the MTA.
• USD 2,829,445.63 (Euro 2,375,650.39*) for No. 13,558 common shares purchased on the NYSE
As of April 16, 2021, the Company held in treasury No. 9,065,851 common shares equal to 3.52% 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 April 16, 2021, the Company has purchased a total of 3,880,525 own common shares on MTA and NYSE for a total consideration of Euro 529,860,771.99.
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
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Ferrari is The Aristocrat of the automotive sector.
Ferrari closed Monday at 212.20 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 have turned Very Bullish. The candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key support is strong at 212.08 and the Key resistance is at 233.66 at the close Monday 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!
