Malibu Boats (NASDAQ:MBUU) Shares Gap Up – Should You Buy?

Malibu Boats, Inc. (NASDAQ:MBUU)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $42.22, but opened at $45.70. Malibu Boats shares last traded at $46.77, with a volume of 29,836 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on MBUU. StockNews.com raised Malibu Boats to a “sell” rating in a report on Saturday. DA Davidson cut shares of Malibu Boats from a “buy” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research note on Friday. Benchmark restated a “buy” rating and set a $44.00 price objective on shares of Malibu Boats in a research note on Friday. B. Riley decreased their target price on shares of Malibu Boats from $39.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Finally, Truist Financial increased their price target on shares of Malibu Boats from $32.00 to $42.00 and gave the company a “hold” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $44.57.

Malibu Boats Trading Down 2.1 %

The stock has a market capitalization of $879.04 million, a PE ratio of -15.97 and a beta of 1.38. The stock has a 50 day moving average price of $38.99 and a 200-day moving average price of $36.60.

Malibu Boats (NASDAQ:MBUU) last released its quarterly earnings results on Thursday, August 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.07). Malibu Boats had a negative net margin of 6.74% and a positive return on equity of 6.21%. The firm had revenue of $158.70 million for the quarter, compared to the consensus estimate of $157.54 million. During the same quarter in the prior year, the firm earned $2.96 earnings per share. The company’s revenue for the quarter was down 57.4% compared to the same quarter last year. Research analysts forecast that Malibu Boats, Inc. will post 1.98 earnings per share for the current year.

Hedge Funds Weigh In On Malibu Boats

Several institutional investors and hedge funds have recently bought and sold shares of MBUU. Pzena Investment Management LLC bought a new position in shares of Malibu Boats in the second quarter worth about $51,800,000. The Manufacturers Life Insurance Company increased its holdings in Malibu Boats by 94.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 843,605 shares of the company’s stock worth $29,560,000 after acquiring an additional 409,574 shares in the last quarter. Lord Abbett & CO. LLC raised its stake in Malibu Boats by 231.4% during the 1st quarter. Lord Abbett & CO. LLC now owns 312,731 shares of the company’s stock worth $13,535,000 after acquiring an additional 218,378 shares during the period. Lodge Hill Capital LLC purchased a new position in Malibu Boats during the second quarter valued at approximately $4,866,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Malibu Boats by 10.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,131,877 shares of the company’s stock worth $39,661,000 after purchasing an additional 111,699 shares during the period. 91.35% of the stock is currently owned by hedge funds and other institutional investors.

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.