Malibu Boats (NASDAQ:MBUU) Shares Up 7.1% – Here’s Why

Malibu Boats, Inc. (NASDAQ:MBUU)’s share price was up 7.1% on Wednesday . The company traded as high as $28.36 and last traded at $28.5510. 81,581 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 306,235 shares. The stock had previously closed at $26.67.

Analysts Set New Price Targets

Several research firms have commented on MBUU. Wall Street Zen upgraded Malibu Boats from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Truist Financial raised their target price on Malibu Boats from $31.00 to $34.00 and gave the company a “hold” rating in a research report on Monday, July 6th. Weiss Ratings lowered Malibu Boats from a “sell (d)” rating to a “sell (e+)” rating in a research note on Monday, May 11th. Zacks Research cut Malibu Boats from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 9th. Finally, DA Davidson reissued a “neutral” rating and issued a $30.00 price objective on shares of Malibu Boats in a research note on Monday, June 15th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Malibu Boats currently has an average rating of “Hold” and a consensus target price of $31.60.

Malibu Boats Stock Up 3.4%

The company has a quick ratio of 0.44, a current ratio of 1.31 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $27.19 and a 200-day moving average price of $28.13. The firm has a market capitalization of $568.19 million, a PE ratio of -482.17 and a beta of 1.14.

Malibu Boats (NASDAQ:MBUU) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.27. The firm had revenue of $235.70 million for the quarter, compared to the consensus estimate of $203.46 million. Malibu Boats had a positive return on equity of 3.28% and a negative net margin of 0.11%.The firm’s revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.72 earnings per share. Equities research analysts forecast that Malibu Boats, Inc. will post 1.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MBUU. Intesa Sanpaolo Wealth Management acquired a new stake in Malibu Boats during the fourth quarter worth about $31,000. BNP Paribas Financial Markets raised its stake in Malibu Boats by 43.3% during the second quarter. BNP Paribas Financial Markets now owns 2,128 shares of the company’s stock worth $67,000 after purchasing an additional 643 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Malibu Boats by 346.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,321 shares of the company’s stock valued at $73,000 after purchasing an additional 1,801 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Malibu Boats by 108.5% in the 4th quarter. Russell Investments Group Ltd. now owns 3,301 shares of the company’s stock valued at $93,000 after purchasing an additional 1,718 shares during the last quarter. Finally, Strs Ohio purchased a new stake in shares of Malibu Boats in the 1st quarter valued at approximately $123,000. Institutional investors and hedge funds own 91.35% of the company’s stock.

Malibu Boats Company Profile

Malibu Boats, Inc is a leading designer, manufacturer and distributor of performance sport boats for the recreational boating market. The company’s product portfolio includes the premium Malibu® brand and the value-oriented Axis® Wake Research line, as well as Cobalt® boats following its 2020 acquisition. Malibu’s vessels are engineered to serve water-sports enthusiasts, with models optimized for wakeboarding, wakesurfing and waterskiing.

Founded in 1982 by water-sports enthusiast Jack Springer, Malibu Boats is headquartered in Loudon, Tennessee.