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

Malibu Boats, Inc. (NASDAQ:MBUU) 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

MBUU has been the topic of a number of research reports. StockNews.com raised Malibu Boats to a “sell” rating in a research note 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 report on Friday. B. Riley lowered their price objective on shares of Malibu Boats from $39.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Benchmark reissued a “buy” rating and issued a $44.00 price objective on shares of Malibu Boats in a research note on Friday. Finally, KeyCorp upped their target price on shares of Malibu Boats from $38.00 to $50.00 and gave the company an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Malibu Boats has an average rating of “Hold” and an average price target of $44.57.

Malibu Boats Price Performance

The business has a 50-day moving average of $38.99 and a 200-day moving average of $36.60. The company has a market capitalization of $879.04 million, a P/E ratio of -15.97 and a beta of 1.38.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Pzena Investment Management LLC purchased a new stake in Malibu Boats in the 2nd quarter valued at about $51,800,000. Dimensional Fund Advisors LP raised its stake in shares of Malibu Boats by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,131,877 shares of the company’s stock valued at $39,661,000 after acquiring an additional 111,699 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Malibu Boats by 94.4% in the second quarter. The Manufacturers Life Insurance Company now owns 843,605 shares of the company’s stock valued at $29,560,000 after purchasing an additional 409,574 shares during the period. Lord Abbett & CO. LLC boosted its holdings in shares of Malibu Boats by 231.4% in the first quarter. Lord Abbett & CO. LLC now owns 312,731 shares of the company’s stock valued at $13,535,000 after purchasing an additional 218,378 shares during the period. Finally, Bessemer Group Inc. grew its stake in Malibu Boats by 7.2% in the first quarter. Bessemer Group Inc. now owns 307,486 shares of the company’s stock worth $13,307,000 after purchasing an additional 20,700 shares in the last quarter. Hedge funds and other institutional investors own 91.35% of the company’s stock.

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.