Malibu Boats (NASDAQ:MBUU) Shares Gap Down on Disappointing Earnings

Malibu Boats, Inc. (NASDAQ:MBUU) gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $38.88, but opened at $37.79. Malibu Boats shares last traded at $38.70, with a volume of 31,198 shares traded.

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 negative net margin of 10.90% and a positive return on equity of 2.39%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on MBUU shares. StockNews.com raised Malibu Boats to a “sell” rating in a research note on Saturday, November 2nd. Truist Financial lifted their target price on Malibu Boats from $34.00 to $38.00 and gave the company a “hold” rating in a report on Friday. Benchmark reiterated a “buy” rating and set a $44.00 target price on shares of Malibu Boats in a report on Friday, November 1st. Robert W. Baird upped their price objective on shares of Malibu Boats from $40.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, KeyCorp cut their price target on shares of Malibu Boats from $50.00 to $45.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Malibu Boats currently has a consensus rating of “Hold” and a consensus target price of $42.83.

Hedge Funds Weigh In On Malibu Boats

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. lifted its holdings in Malibu Boats by 5.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 63,880 shares of the company’s stock worth $2,238,000 after purchasing an additional 3,288 shares during the last quarter. Bank of Montreal Can raised its position in Malibu Boats by 10.4% in the second quarter. Bank of Montreal Can now owns 12,427 shares of the company’s stock worth $442,000 after purchasing an additional 1,170 shares in the last quarter. AQR Capital Management LLC raised its stake in Malibu Boats by 267.9% during the second quarter. AQR Capital Management LLC now owns 88,294 shares of the company’s stock worth $3,094,000 after acquiring an additional 64,297 shares in the last quarter. Truist Financial Corp lifted its holdings in Malibu Boats by 35.6% during the 2nd quarter. Truist Financial Corp now owns 8,448 shares of the company’s stock valued at $296,000 after purchasing an additional 2,219 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Malibu Boats by 31.6% in the third quarter. SG Americas Securities LLC now owns 5,212 shares of the company’s stock valued at $202,000 after acquiring an additional 1,252 shares during the last quarter. Institutional investors own 91.35% of the company’s stock.

Malibu Boats Stock Performance

The stock has a 50-day moving average of $39.00 and a 200 day moving average of $38.81. 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 firm has a market capitalization of $755.08 million, a P/E ratio of -9.62 and a beta of 1.32.

Malibu Boats Company Profile

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.