Ferrari Buys Back 17,786 Shares for €6.43 Million in One Week

Ferrari N.V. bought back 17,786 of its common shares in the Nov. 2–6 trading week, spending €6.43 million before fees under a tranche capped at €250 million.

Of those shares, 11,800 were purchased on Euronext Milan for €4.19 million. Ferrari bought the other 5,986 on the New York Stock Exchange for $2.50 million, with every New York purchase occurring Nov. 6.

The $2,499,885.89 spent in New York equaled €2,239,037.97 at the European Central Bank’s reference rate for Nov. 6. Combined with the Milan purchases, Ferrari’s spending for the week was €6,425,277.42 before fees.

By Nov. 6, the third tranche had covered 381,861 shares in Milan at a cost of €134.71 million and 83,810 shares in New York for $34 million. Ferrari announced the tranche Sept. 1.

Across its wider repurchase program, Ferrari had spent €675.16 million on 2,166,855 shares from Jan. 5 through Nov. 6. That figure includes Sell to Cover transactions. The approximately €3.5 billion program is expected to be completed by 2030.

Ferrari expects the current tranche to end by Dec. 16.