Mastercraft Boat (NASDAQ:MCFT) Shares Break Below Fifty Day Moving Average – Here’s Why

Shares of Mastercraft Boat Holdings, Inc. (NASDAQ:MCFT) crossed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $20.45 and traded as low as $19.76. Mastercraft Boat shares last traded at $19.85, with a volume of 249,170 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MCFT shares. Truist Financial dropped their price target on shares of Mastercraft Boat from $28.00 to $22.00 and set a “hold” rating for the company in a research note on Friday, October 23rd. Zacks Research upgraded Mastercraft Boat from a “strong sell” rating to a “hold” rating in a research note on Monday. B. Riley Financial reiterated a “neutral” rating and issued a $22.00 price objective (down from $25.00) on shares of Mastercraft Boat in a research note on Wednesday, September 16th. Weiss Ratings upgraded Mastercraft Boat from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday. Finally, Robert W. Baird lowered their target price on Mastercraft Boat from $30.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, September 11th. Six investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $22.75.

Mastercraft Boat Price Performance

The stock’s 50 day moving average is $20.38 and its two-hundred day moving average is $22.48. The stock has a market capitalization of $521.59 million, a PE ratio of 83.00 and a beta of 1.10.

Mastercraft Boat (NASDAQ:MCFT) last issued its quarterly earnings results on Tuesday, November 10th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.14. Mastercraft Boat had a net margin of 1.57% and a return on equity of 11.83%. The company had revenue of $154.14 million during the quarter, compared to the consensus estimate of $67.19 million. On average, equities analysts predict that Mastercraft Boat Holdings, Inc. will post 1.66 earnings per share for the current year.

Institutional Investors Weigh In On Mastercraft Boat

Hedge funds and other institutional investors have recently modified their holdings of the company. Royce & Associates LP raised its stake in Mastercraft Boat by 5.1% in the third quarter. Royce & Associates LP now owns 432,737 shares of the company’s stock valued at $8,568,000 after buying an additional 20,840 shares in the last quarter. CenterBook Partners LP acquired a new position in shares of Mastercraft Boat during the 3rd quarter worth about $8,025,000. Inspire Investing LLC boosted its position in shares of Mastercraft Boat by 20.7% during the 3rd quarter. Inspire Investing LLC now owns 32,009 shares of the company’s stock worth $634,000 after acquiring an additional 5,499 shares in the last quarter. SummerHaven Investment Management LLC purchased a new position in shares of Mastercraft Boat in the 3rd quarter valued at about $775,000. Finally, State of Alaska Department of Revenue increased its holdings in shares of Mastercraft Boat by 56.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 3,543 shares of the company’s stock valued at $69,000 after acquiring an additional 1,279 shares during the last quarter. 97.64% of the stock is currently owned by institutional investors and hedge funds.

About Mastercraft Boat

MasterCraft Boat Holdings, Inc. designs, manufactures and markets recreational powerboats. Its MasterCraft brand is known for performance boats used for waterskiing, wakeboarding and wakesurfing, while its Crest brand offers pontoon boats. The company’s roots date to 1968, when MasterCraft was founded in Tennessee. It serves customers through a network of dealers in the United States and international markets.