Ferrari’s (NYSE:RACE) Stock Marks a Record High

Ferrari’s (NYSE:RACE) Stock Marks a Record High

Ferrari’s (NYSE:RACE) Stock Marks a Record High

$RACE

Ferrari’s (NYSE:RACE) stock gaped open at the start and finished at 108.27, just off a new record intra-day high at 109.78, after it was reported the company is contemplating adding a FUV (Ferrari utility vehicle) to its fleet, in order to help 2X its profit by Y 2022.

Up almost 86% YTD, RACE has been on a steady incline since last July 2016, using its 50-Day Moving Average as continuing support.

All of my Key technical indicators are Very Bullish

Wall Street’s been getting cautious in here though.

Short interest on RACE stock jumped 19.2% in the most recent reporting period to 2.46-M shares.

But, it is very clear that the iconic Italian Supercar maker’s ability to continue to run North in the face of such selling pressure speaks to its underlying strength.

Analysts reviewing Ferrari have recently updated their recommended buy/sell ratings and price targets on the stock.

Based on their most recently released notes to investors as of 11 July, 4 analysts have a rating of “buy”, 1 analysts “outperform”, 2 analysts “hold”, 2 analysts “underperform” and 0 analysts “sell”.

HeffX-LTN has a buy rating on RACE, going back to mid-July 2016, and is standing on that still.

Ferrari owns the winningest F1 team in the history of the motorsport, last Sunday The Scuderia finished 1-2 at the Hungarian Gran Prix.

Ferrari’s official earnings call here: http://corporate.ferrari.com/en/investors  

Symbol Last Trade Date Change Open High Low Volume
NYSE:RACE 108.27 1 August 2017 3.08 108.78 109.78 107.76 1,880,151
HeffX-LTN Analysis for RACE: Overall Short Intermediate Long
Bullish (0.39) Neutral (0.22) Very Bullish (0.50) Bullish (0.46)

Stay tuned…Q-2 earnings our Wednesday, 2 August.

 

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