RACE Stock Recent News

Ferrari (NYSE:RACE) shares went into reverse on Tuesday, having hit an all-time high two months ago as the sportscar manufacturer reported a decline in shipments but backed its full-year outlook.  The Italian group posted third-quarter results showing net revenues of €1.6 billion, up 6.5%, with total shipments down 2.2% to 3,383.

Ferrari on Tuesday reiterated guidance that it had increased earlier in the year as the sports-car maker said shipments fell sharply in China.

The sports car manufacturer is less dependent on the Chinese market than other sellers of luxury goods.

Ferrari said on Tuesday its core earnings rose 7% in the third quarter, despite a slight decrease in vehicle shipments, as the luxury sports car maker continued to benefit from a richer product offer and increased demand for personalisation.

“The third quarter once again shows growing results for Ferrari, driven by a strong product mix and increased personalizations" said Benedetto Vigna, CEO of Ferrari. "It confirms our commitment to deliver on the promises we made at our Capital Markets Day in 2022, along with the exceptional order book visibility well into 2026, continuous product innovation – as evidenced by the F80 supercar just unveiled – and process innovation, with the strengthening of our in-house electrification expertise. The shutdown of the Maranello gas-fueled trigeneration plant, ahead of target, also marks a further step towards our 2030 carbon neutrality goal”.

Investors interested in stocks from the Automotive - Original Equipment sector have probably already heard of Strattec Security (STRT) and Ferrari (RACE). But which of these two stocks is more attractive to value investors?

Maranello (Italy), November 4, 2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) informs that the Company has purchased, under the Euro 250 million share buyback program announced on June 28, 2024, as the fifth tranche of the multi-year share buyback program of approximately Euro 2 billion expected to be executed by 2026 in line with the disclosure made during the 2022 Capital Markets Day (the “Fifth Tranche”), the additional common shares - reported in aggregate form, on a daily basis - on the Euronext Milan (EXM) as follows:

Ferrari (RACE) stock price has done well this year, rising by 40%, and making it one of the best-performing players in the automobile industry. It rallied to a record high of $497.68 on September 3, bringing its valuation to almost $90 billion.

U.S. Election Day, a Federal Reserve meeting, and earnings reports from around 100 S&P 500 companies.

The earnings calendar for next week includes Arm Holdings and Ferrari. Both stocks are testing the 50-day moving averages.