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Ferrari N.V. ($RACE) Stock Forecast: Down 5.7% Today

Morpher AI identified a bearish signal. The stock price may continue to fall based on the momentum of the negative news.

What is Ferrari N.V.?

Ferrari NV (RACE) is an iconic Italian luxury sports car manufacturer known for its high-performance vehicles and rich racing heritage. The company is a symbol of luxury, exclusivity, and precision engineering in the automotive industry.

Why is Ferrari N.V. going down?

RACE stock is down 5.7% on May 7, 2024 18:01

  • Despite reporting an earnings beat for the first quarter of 2024, Ferrari's stock experienced a bearish movement due to flat vehicle shipments compared to the prior-year period.
  • The market may have reacted negatively to Ferrari sticking to its full-year forecasts, possibly indicating concerns about future growth prospects.
  • Investors might be disappointed with the lack of significant growth in shipments, leading to a sell-off in the stock despite the positive earnings and revenue figures.
  • The overall sentiment around Ferrari's performance in the first quarter seems mixed, with steady financials but challenges in increasing vehicle shipments impacting the stock price negatively.

RACE Price Chart

RACE News

Ferrari Q1 2024 Financials: Steady Amidst Challenges

Ferrari NV (IT:RACE) has released an update. Ferrari N.V. has released its unaudited interim financial report for the first quarter of 2024, showca…

https://www.tipranks.com/news/company-announcements/ferrari-q1-2024-financials-steady-amidst-challenges

News Article Image Ferrari Q1 2024 Financials: Steady Amidst Challenges

Ferrari Falls Despite Earnings Beat as Shipments Remain Flat

The iconic Italian automaker reported an earnings beat for the first quarter, but vehicle shipments were roughly flat from the prior-year period.

https://www.investopedia.com/ferrari-falls-despite-earnings-beat-as-shipments-remain-flat-8644530

News Article Image Ferrari Falls Despite Earnings Beat as Shipments Remain Flat

Stocks making the biggest moves midday: Disney, Nvidia, Ferrari, Datadog and more

These are the stocks posting the largest moves in midday trading.

https://www.cnbc.com/2024/05/07/stocks-making-the-biggest-moves-midday-dis-nvda-race-ddog.html

News Article Image Stocks making the biggest moves midday: Disney, Nvidia, Ferrari, Datadog and more

Ferrari shares decline as it sticks to full-year forecasts By Reuters

By Giulio Piovaccari MILAN (Reuters) – Ferrari (NYSE:)’s core earnings rose 13% in the first quarter helped by sales of models such as the 2 million-euro ($2.2 million) Daytona SP3 limited-series luxury car and a greater contribution from personalised vehicles. Shares at the luxury sportscar maker, however, fell on Tuesday as Ferrari confirmed its full-year […] The post Ferrari shares decline as it sticks to full-year forecasts By Reuters appeared first on TheAdviserMagazine.com .

https://theadvisermagazine.com/market-research/stock-market/ferrari-shares-decline-as-it-sticks-to-full-year-forecasts-by-reuters/

News Article Image Ferrari shares decline as it sticks to full-year forecasts By Reuters

RACE Stock Earnings: Ferrari Beats EPS, Beats Revenue for Q1 2024

Ferrari (NYSE:RACE) just reported results for the first quarter of 2024. Ferrari reported earnings per share of $2.12. This was above the analyst estimate for EPS of $1.99. The company reported revenue of $1.72 billion. This was 2.44% better than the analyst estimate for revenue of $1.68 billion. InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.

https://investorplace.com/earning-results/2024/05/race-stock-earnings-ferrari-for-q1-of-2024/

News Article Image RACE Stock Earnings: Ferrari Beats EPS, Beats Revenue for Q1 2024

Ferrari N.V. Price History

07.04.2024 - RACE Stock was down 5.7%

  • Despite reporting an earnings beat for the first quarter of 2024, Ferrari's stock experienced a bearish movement due to flat vehicle shipments compared to the prior-year period.
  • The market may have reacted negatively to Ferrari sticking to its full-year forecasts, possibly indicating concerns about future growth prospects.
  • Investors might be disappointed with the lack of significant growth in shipments, leading to a sell-off in the stock despite the positive earnings and revenue figures.
  • The overall sentiment around Ferrari's performance in the first quarter seems mixed, with steady financials but challenges in increasing vehicle shipments impacting the stock price negatively.

07.04.2024 - RACE Stock was down 5.0%

  • Despite surpassing earnings per share and revenue expectations for Q1 2024, Ferrari's stock faced a downward trend.
  • The market response to Ferrari's decision to maintain its full-year projections was negative, indicating a mixed outlook.
  • The company's first-quarter profit rose primarily because of increased demand for customizations, yet this positive development was clouded by future apprehensions.
  • Ferrari's somber forecast, combined with the market's broader sentiment following recent macro events, likely impacted the stock's decline.

16.03.2024 - RACE Stock was up 0.3%

  • Impressive performance in Q1 2024 and the stock market's rally could have boosted investor confidence in RACE, leading to a bullish movement.
  • Ferrari's steady progress in its multi-year buyback plan may have signaled strong financial stability and management confidence, attracting more investors to the stock.
  • Carlos Sainz's successful performance for Ferrari at the Japanese Grand Prix could have generated positive sentiment around the company, contributing to the bullish market movement of RACE.
  • The overall positive market sentiment and investor optimism following the company's strategic initiatives and successful events could have further fueled the bullish momentum of Ferrari's stock today.
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Disclaimer
Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.

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Date
May 7, 2024 18:01
Content
Ferrari N.V. ($RACE) Stock Forecast: Down 5.7% Today What is Ferrari N.V.? Why is Ferrari N.V. going down? RACE RACE Price Chart RACE News Trending Today Ferrari N.V. Price History 07.04.2024 - RACE Stock was down 5.7%07.04.2024 - RACE Stock was down 5.0%16.03.2024 - RACE Stock was up 0.3%