Ferrari Stock Reaches New Heights despite Market Weakness

Last week, Ferrari stock (RACE) continued to trade positively, rising 9.2% to $148.90.

Jitendra Parashar - Author

Nov. 20 2020, Updated 4:56 p.m. ET


Ferrari stock

Last week, Ferrari stock (RACE) continued to trade positively, rising 9.2% to $148.90. In May, the company’s stock rose ~7.1%, and as of June 15, it had risen 13.4% month-to-date. The stock has risen 23.5% quarter-to-date, whereas the S&P 500 has risen 5.3%. Let’s look at the stock’s key technical support and resistance levels.

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Weekly technical update

Last week, Ferrari stock stayed above its 50-day simple moving average of $130.74, suggesting bullishness. On June 15, the stock reached its all-time high of $149.85, which should act as immediate resistance this week.

On the downside, the stock has no major support above $139.50. Its 14-day RSI (relative strength index) score was within overbought territory at 74.3, confirming strength in its momentum.

Positive fundamentals

In Q1 2018, Ferrari’s EPS rose 19% YoY (year-over-year) to 0.78 euros ($0.93). Its revenue rose 1.3% YoY, its adjusted EBITDA rose significantly by 13% YoY, and its margins improved.

During its first-quarter earnings call, Ferrari reiterated its solid guidance for 2018. The company expects its shipments to rise ~7.2% YoY to 9,000 units from ~8,398. The company also expects its positive revenue and profit margin trends to continue.

As of June 15, Ferrari stock had gained an impressive 42% year-to-date, while peers (XLY) General Motors (GM), Fiat Chrysler (F), and Tesla (TSLA) had risen 7.1%, 16.9%, and 15%, respectively. Continue to the next part to learn how Harley-Davidson performed on Wall Street last week.


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