Malibu Boats (NASDAQ:MBUU) Trading 8.5% Higher – Here’s What Happened

Malibu Boats, Inc. (NASDAQ:MBUU)’s share price rose 8.5% on Thursday . The stock traded as high as $42.29 and last traded at $41.73. Approximately 65,230 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 153,146 shares. The stock had previously closed at $38.46.

Analysts Set New Price Targets

A number of research analysts have issued reports on MBUU shares. DA Davidson lowered shares of Malibu Boats from a “buy” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research report on Friday, November 1st. StockNews.com raised Malibu Boats to a “sell” rating in a research report on Saturday, November 2nd. KeyCorp dropped their price objective on Malibu Boats from $50.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Truist Financial increased their target price on Malibu Boats from $34.00 to $38.00 and gave the stock a “hold” rating in a report on Friday. Finally, Benchmark reaffirmed a “buy” rating and issued a $44.00 price target on shares of Malibu Boats in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Malibu Boats currently has an average rating of “Hold” and a consensus price target of $42.83.

Malibu Boats Price Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.52 and a current ratio of 1.55. The company has a market cap of $755.08 million, a price-to-earnings ratio of -9.62 and a beta of 1.32. The business has a fifty day moving average price of $39.00 and a 200 day moving average price of $38.80.

Malibu Boats (NASDAQ:MBUU) last released its quarterly earnings data on Thursday, January 30th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.01). Malibu Boats had a positive return on equity of 2.39% and a negative net margin of 10.90%. As a group, research analysts anticipate that Malibu Boats, Inc. will post 2.06 earnings per share for the current year.

Institutional Investors Weigh In On Malibu Boats

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in Malibu Boats by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 576,070 shares of the company’s stock valued at $22,361,000 after purchasing an additional 43,769 shares during the period. Meros Investment Management LP acquired a new stake in shares of Malibu Boats during the third quarter worth $4,117,000. Empowered Funds LLC raised its stake in Malibu Boats by 38.8% during the third quarter. Empowered Funds LLC now owns 66,606 shares of the company’s stock worth $2,585,000 after buying an additional 18,636 shares during the last quarter. Barclays PLC lifted its holdings in Malibu Boats by 92.6% in the third quarter. Barclays PLC now owns 46,919 shares of the company’s stock valued at $1,820,000 after buying an additional 22,556 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in Malibu Boats by 37.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 114,525 shares of the company’s stock valued at $4,445,000 after acquiring an additional 31,026 shares during the last quarter. 91.35% of the stock is currently owned by institutional investors and hedge funds.

About Malibu Boats

Malibu Boats, Inc designs, engineers, manufactures, markets, and sells a range of recreational powerboats. It operates through three segments: Malibu, Saltwater Fishing, and Cobalt. The company provides performance sport boats, and sterndrive and outboard boats under the Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, and Cobalt brands.