Shares of one of the most desired luxury car brands in the world Ferrari (NYSE: RACE) rallied more than 12% to hit a record high of $391 in Thursday’s intra-day trade, after the company reported strong Q4 financial results. Ferrari delivered a total of 13,663 cars worldwide, up 3.3% and posted a record net profit of 1.257 billion euros, up 34%, in 2023 compared to 2022. The company’s revenues jumped by 10% YoY in the last quarter to $1.66 billion and the sports car manufacturer said its revenues and core earnings would rise this year.
“The record 2023 results, the ambitions that we have on 2024, together with the exceptional visibility on our order book allow us to look at the high-end of 2026 targets with stronger confidence.” - Ferrari CEO Benedetto Vigna said.
The strong bullish momentum was also supported after seven-time F1 world champ Lewis Hamilton broke the news of his surprise decision to quit Mercedes and join Ferrari for the 2025 season. Hamilton’s move to Ferrari triggered a spike in Ferrari's share price because Ferrari and Hamilton, the two most important brands in the world of Formula 1.
The following chart for (NYSE: RACE) shows that the stock is now consolidating after the bulls successfully took the price above the previous all-time and reached a new record high. However, in the near term, we will likely see a pullback in profit-taking.
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