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Ferrari repurchases €16M of stock

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Ferrari repurchases €16M of stock

Ferrari NV said Aug. 9 that it bought back about €16 million of shares under its plan to repurchase €1.5 billion of common stock by 2022.

The Italian luxury carmaker acquired 112,437 common shares listed on the Italian Stock Exchange from July 31 to Aug. 8 for an average price of about €142.11 each.

The latest buyback follows the €15.5 million of shares repurchased a week prior.

The transaction is part of the second tranche of Ferrari's share repurchase program, which started July 1. The company has so far repurchased about €57 million of stock in the second tranche.