Mastercraft Boat (NASDAQ:MCFT) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded MasterCraft Boat to “strong sell” from “hold,” while the broader analyst consensus remains “Reduce,” with five Hold ratings and two Sell ratings and an average price target of $24.25.
• MCFT shares opened at $19.15, down 2.2%, and remained below both their 50-day and 200-day moving averages. The stock’s 52-week range is $17.19 to $28.44, with a market capitalization of approximately $311.8 million.
• Despite the negative rating outlook, MasterCraft reported quarterly EPS of $0.67 versus the $0.63 consensus estimate and revenue of $129.94 million, up 63.4% year over year and well above analysts’ $101.79 million forecast.

Mastercraft Boat (NASDAQ:MCFT - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Other analysts have also issued reports about the stock. Weiss Ratings lowered shares of Mastercraft Boat from a "hold (c)" rating to a "sell (d+)" rating in a research report on Friday, September 11th. Robert W. Baird decreased their price target on shares of Mastercraft Boat from $30.00 to $26.00 and set a "neutral" rating on the stock in a research report on Friday, September 11th. Truist Financial upped their price objective on Mastercraft Boat from $25.00 to $28.00 and gave the company a "hold" rating in a research note on Monday, July 6th. B. Riley Financial reaffirmed a "neutral" rating and set a $22.00 price objective (down from $25.00) on shares of Mastercraft Boat in a report on Wednesday. Finally, B Riley reiterated a "neutral" rating on shares of Mastercraft Boat in a research report on Tuesday. Five investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $24.25.

Mastercraft Boat Stock Down 2.2%

MCFT stock opened at $19.15 on Tuesday. The company has a 50-day simple moving average of $23.95 and a 200 day simple moving average of $23.08. The company has a market capitalization of $311.76 million, a P/E ratio of -957.02 and a beta of 1.07. Mastercraft Boat has a fifty-two week low of $17.19 and a fifty-two week high of $28.44.

Mastercraft Boat (NASDAQ:MCFT - Get Free Report) last announced its earnings results on Thursday, September 10th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. Mastercraft Boat had a positive return on equity of 11.08% and a negative net margin of 0.48%.The firm had revenue of $129.94 million for the quarter, compared to analysts' expectations of $101.79 million. During the same quarter in the previous year, the company earned $0.40 earnings per share. The firm's quarterly revenue was up 63.4% compared to the same quarter last year. Equities analysts anticipate that Mastercraft Boat will post 1.65 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. State of Wyoming lifted its stake in Mastercraft Boat by 5.1% in the 1st quarter. State of Wyoming now owns 17,736 shares of the company's stock worth $364,000 after purchasing an additional 867 shares in the last quarter. Legal & General Group Plc bought a new position in Mastercraft Boat during the second quarter valued at approximately $46,000. Meeder Asset Management Inc. bought a new position in Mastercraft Boat during the second quarter valued at approximately $79,000. Engineers Gate Manager LP grew its holdings in Mastercraft Boat by 37.5% during the 2nd quarter. Engineers Gate Manager LP now owns 22,704 shares of the company's stock valued at $586,000 after buying an additional 6,197 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in Mastercraft Boat by 20.8% in the 1st quarter. Empowered Funds LLC now owns 51,648 shares of the company's stock worth $1,059,000 after acquiring an additional 8,877 shares during the last quarter. 97.64% of the stock is owned by institutional investors and hedge funds.

About Mastercraft Boat

MasterCraft Boat Holdings, Inc designs, manufactures and sells recreational powerboats. The company is best known for MasterCraft-branded performance boats, including wake, surf and ski boats designed for watersports and recreational use.

Its portfolio has also included Crest pontoon boats and Aviara luxury dayboats, serving customers seeking family-oriented boating, cruising and premium recreational vessels. The company sells its boats through a network of independent dealers and supports its products with parts, accessories and related services.

MasterCraft traces its origins to 1968 and is headquartered in Vonore, Tennessee.

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