FLASH: Smart Money is right about Ferrari
Ferrari N.V. (NYSE:RACE) investors should be aware of an increase in enthusiasm from smart money in here.
Our calculations also showed that RACE isn’t among the 30 most popular stocks among hedge funds aka smart money.
In today’s market there are a large number of indicators investors use to evaluate stocks. A pair of the less known indicators are hedge fund and insider trading moves. We have shown that, historically, those who follow the Top picks of the top money managers can outperform the market by a superb margin.
I called Ferrari in this column at $40 and $74 in Y 2016, and it is a super performer, now seeing it at $200 long term.
Heading into Q-1 of y 2019, a total of 28 of the hedge funds tracked held long positions in this stock, a change of 8% from Q-2 of Y 2018.
And in this frame 1 year ago there were a total of 18 hedge funds with a Bullish position in RACE. With this level of positive sentiment there exists a Top Tier of noteworthy hedge fund managers who up ed their stakes meaningfully or already accumulated large positions in Ferrari.
Among these funds, Darsana Capital Partners held the most valuable stake in Ferrari, which was worth $208.8-M at the end of Q-3. On the 2nd spot was D1 Capital Partners which amassed $200.4-M worth of shares.
Also, Melvin Capital Management, Alatus Capital, Aquamarine Capital Management and Heffernan Capital Management are Bullish Ferrari allocating significant percentages of their portfolios to this Aristocrat stock.
With a general Bullishness amongst the heavyweights, Key hedge funds have been driving this Bullishness.
The other funds with brand new RACE positions are Jordan Moelis and Jeff Farroni’s Deep Field Asset Management, Ari Zweiman’s 683 Capital Partners, and Jim Simons’s Renaissance Technologies.
Ferrari is the Aristocrat of the automotive sector.
HeffX-LTN overall technical outlook for RACE is Bullish across the board, and there is very little resistance here and none above 140.26. All of our Key indicators are Very Bullish in here.
Have a terrific weekend