Not wanting to beat a dead horse, this is the last time we’ll mention the Ferrari IPO flop until it falls under $40 a share, which – at this rate – shouldn’t be a problem.
We’ve warned for weeks to avoid the stock…
It was overvalued from the start.
There was no meat to the story. Yet, that didn’t stop small investors from rushing in, only to watch the stock sink $10 from its opening highs.
Then again, there aren’t many IPOs doing well in this market.
The average investor is left holding the bag for a company that’s not looking to dramatically increase sales, greatly limiting future growth.
When – and if – Ferrari becomes a bargain for us, then – maybe – we’ll look to buy.
Not now, though… It’s still greatly overvalued.