Ferrari stock

Italian luxury carmaker Ferrari (RACE) continued to trade on a strong bullish note last week. In the week ended June 21, its stock rose by 6.1%, registering its highest weekly gains in the last 20 weeks.

Ferrari is the only auto company that has ended all months of 2019 so far in the positive territory. In May, mainstream automakers such as General Motors (GM), Ford Motor Company (F), and Fiat Chrysler Automobiles (FCAU) fell by 14.4%, 8.9%, and 9.3%, respectively. In contrast, Ferrari stock rose 5.1% last month. As of June 24, Ferrari has already risen 13.4% on a month-to-date basis, higher than the 10.9%, 4.5%, and 10.9% gains seen in GM, Ford, and FCAU, respectively.

Ferrari’s strong fundamentals

In the first quarter, Ferrari reported a 21.8% YoY rise in its adjusted earnings per share to 0.95 euros per share. While the company’s global car shipments rose by 22.7% YoY in the quarter ended March 2019, its revenue surged by 13.1%. On the profitability side, the company reported a 14.1% YoY rise in its adjusted EBITDA for the quarter.

Moreover, Ferrari expects its full-year 2019 revenue to rise by over 3% as compared to 2018. The company has guided for its adjusted EBITDA to increase by about 10% this year.

Ferrari’s solid 2019 outlook and no major impact of the ongoing global trade tensions on its business could be the reasons why Ferrari stock is continuing to reach new heights lately.

On Monday, Ferrari stock settled at $162.22 after posting its all-time high of $163.64 on June 20. Its 14-day setup of RSI relative strength index indicator is hovering within the overbought territory at 80.9, reflecting strength in the underlying momentum.

Latest articles

Today, Slack (WORK) opened 4.5% higher after MKM Partners analyst Rohit Kulkarni gave Slack stock a "buy" rating with a target price of $40.

Today, IHS Markit released the US manufacturing PMI (purchasing managers’ index) data for August. The manufacturing PMI hit 49.9, down from 50.4 in July.

On May 1, you'll be able to smoke hemp in North Carolina legally. The state passed the North Carolina Farm Act, removing restrictions on smokable hemp.

Pure Storage shares have risen more than 15% today. The company announced its second-quarter results after the markets closed on Wednesday.

Marijuana reform is central to Beto O’Rourke's 2020 presidential campaign—how could his agenda that affect the cannabis industry?

Nordstrom (JWN) stock was up 16% as of 11:50 AM today after it reported better-than-expected earnings for the second quarter of fiscal 2019.