Maranello, Italy, November 22, 2021 – Ferrari N.V. (NYSE:RACE) informs that the Company has purchased, under the 5th tranche of the common share buyback program announced on October 4, 2021, additional common shares reported in aggregate form, on a daily basis on the Italian Stock Exchange (MTA) as follows:
Trading Date (dd/mm/yyyy) | Stock Exchange | Number of common shares purchased | Average price per share excluding fees (€) | Consideration excluding fees (€) |
| 15/11/2021 | MTA | 5,013 | 227.0073 | 1,137,987.80 |
| 16/11/2021 | MTA | 3,728 | 227.1508 | 846,818.30 |
| 17/11/2021 | MTA | 1,275 | 229.5501 | 292,676.40 |
| 18/11/2021 | MTA | 2,565 | 232.9830 | 597,601.40 |
| 19/11/2021 | MTA | 1,479 | 235.8781 | 348,863.70 |
Total | – | 14,060 | 229.2993 | 3,223,947.60 |
Since the announcement of the Fifth Tranche of the buyback program dated October 4, 2021 till November 19, 2021, the total invested consideration has been:
- Euro 32,222,474.60 for No. 162,626 common shares purchased on the MTA.
As of November 19, 2021, the Company held in treasury No. 9,935,529 common shares equal to 3.86% 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 November 19, 2021, the Company has purchased a total of 4,750,203 own common shares on MTA and NYSE for a total consideration of Euro 685,644,176.84.
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 finished Friday at 262.71 within its 52 wk range of 127.73 – 266.67 in NY just shy of its all time high.
Key technical indicators have turned Very Bullish across the board. The candlestick pattern indicated the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key resistance is at 272.17, the Key support is at 262,40. All of our Key technical indicators are all Very Bullish in here.
Societe Generale places a Street high price target of $290 on RACE as compared to the average sell-side price target at 195.93. Most Street analysts still do not know how to view Ferrari.
Morgan Stanley called out $RACE a “sleeper” EV play as the firm can justify more than 100% of the company’s value with its ICE business. MS’s new price target of $350 reps more than 35% Northside potential for shares and is above the average analyst 1 yr target is at 202.71.
MS automotive analyst says, “Longer term, we see scope for Ferrari to offer a range of EV products at potentially higher prices than the average selling price of today’s Ferrari, while leveraging economies of scale on higher volumes.“
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, an 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 186.31.
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 call 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.
There is F1 racing in Saudi Aribia next weekend, click here for the official schedule.
Have a healthy, happy weekend, Keep the Faith!
