Benzinga - by Surbhi Jain, .
Ferrari (NYSE:RACE) stock just made a new 52-week high, breaking its earlier annual record. During the trading day of Feb. 22, Ferrari stock raced to a new record 52-week high of $411.90.
Ferrari Stock Has Outperformed S&P 500 Index By 2X
S&P 500 IndexSo far in 2024, the stock is far ahead of the S&P 500 gaining 21.15% relative to the benchmark which is up 4.44%.
Key Catalysts Behind The Race To New Highs
Options Activity, Buyback Program, Competitive Differentiation
Also Read: Market Whales and Their Recent Bets on RACE Options
Ferrari also has an ongoing multi-year share buyback program in place of approximately Euro 2 billion (approximately $2.16 billion) expected to be executed by 2026. Buybacks are a great tool for shareholder returns, and tend to be positive for the stock.
Ferrari’s success stands out in an industry known for fierce competition and lack of permanence. The company’s ability to differentiate itself and maintain a strong market position could be seen as a key catalyst, attracting investors seeking stability and excellence in the auto sector.
Read Next: What’s Ferrari Doing With A Tesla Model S Plaid At Its Italian Factory?
Image: Shutterstock
Latest Ratings for RACE
| Dec 2021 | Kepler Cheuvreux | Downgrades | Hold | Reduce |
| Nov 2021 | Morgan Stanley | Maintains | Overweight | |
| Nov 2021 | Societe Generale | Upgrades | Hold | Buy |
View the Latest Analyst Ratings
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