Mastercraft Boat Holdings, Inc. (NASDAQ:MCFT) Stock Rated "Reduce" by Sell-Side Brokerages

Key Points

• MasterCraft Boat Holdings received an average “Reduce” rating from six analysts, including two sell ratings and four holds. The average 12-month price target is $22.75, with several firms recently lowering targets to about $22.
• The company beat quarterly expectations, reporting $0.67 in EPS versus the $0.63 consensus and $129.94 million in revenue versus $101.79 million expected. Revenue increased 63.4% year over year, although the company posted a slightly negative net margin.
• MCFT shares opened at $21.49, near the analyst price targets, with a market capitalization of approximately $520.5 million. Institutional investors own 97.64% of the outstanding stock.

Shares of Mastercraft Boat Holdings, Inc. (NASDAQ:MCFT - Get Free Report) have been assigned an average rating of "Reduce" from the six research firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $22.75.

MCFT has been the topic of several recent research reports. B. Riley Financial restated a "neutral" rating and issued a $22.00 price target (down from $25.00) on shares of Mastercraft Boat in a research report on Wednesday, September 16th. Wall Street Zen raised Mastercraft Boat to a "hold" rating in a research note on Saturday, October 10th. Weiss Ratings lowered Mastercraft Boat from a "hold (c)" rating to a "sell (d+)" rating in a research report on Friday, September 11th. Truist Financial lowered their target price on Mastercraft Boat from $28.00 to $22.00 and set a "hold" rating for the company in a research note on Friday, October 23rd. Finally, Zacks Research lowered shares of Mastercraft Boat from a "hold" rating to a "strong sell" rating in a research note on Tuesday, September 15th.

Mastercraft Boat Trading Up 1.2%

Shares of NASDAQ:MCFT opened at $21.49 on Friday. The stock has a market capitalization of $520.49 million, a P/E ratio of -1,073.96 and a beta of 1.11. Mastercraft Boat has a 1-year low of $17.19 and a 1-year high of $28.44. The business has a 50-day moving average price of $20.92 and a two-hundred day moving average price of $22.52.

Mastercraft Boat (NASDAQ:MCFT - Get Free Report) last issued its quarterly 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 negative net margin of 0.48% and a positive return on equity of 11.08%. The company had revenue of $129.94 million during the quarter, compared to analysts' expectations of $101.79 million. During the same quarter in the previous year, the company earned $0.40 EPS. Mastercraft Boat's revenue was up 63.4% on a year-over-year basis. As a group, equities analysts predict that Mastercraft Boat will post 1.66 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Inspire Investing LLC increased its stake in Mastercraft Boat by 20.7% in the 3rd quarter. Inspire Investing LLC now owns 32,009 shares of the company's stock valued at $634,000 after buying an additional 5,499 shares during the last quarter. SummerHaven Investment Management LLC bought a new stake in Mastercraft Boat during the 3rd quarter worth about $775,000. State of Alaska Department of Revenue lifted its position in Mastercraft Boat by 56.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 3,543 shares of the company's stock worth $69,000 after buying an additional 1,279 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Mastercraft Boat by 196.9% during the 3rd quarter. Versant Capital Management Inc now owns 2,527 shares of the company's stock worth $50,000 after buying an additional 1,676 shares during the last quarter. Finally, Engineers Gate Manager LP boosted its stake in shares of Mastercraft Boat by 37.5% during the 2nd quarter. Engineers Gate Manager LP now owns 22,704 shares of the company's stock worth $586,000 after buying an additional 6,197 shares during the last quarter. 97.64% of the stock is currently owned by institutional investors.

Mastercraft Boat Company Profile

MasterCraft Boat Holdings, Inc designs, manufactures and sells recreational powerboats. The company serves the premium marine market with boats intended for water sports, cruising, fishing and general leisure use.

Its portfolio has included MasterCraft performance ski and wake boats, Crest pontoon boats and Aviara luxury day boats. MasterCraft boats are known for water-sports features such as wake-shaping systems, while the company's other brands address broader recreational boating needs, including spacious pontoon and luxury day-boat segments.

Founded in 1968, MasterCraft is headquartered in Vonore, Tennessee, and distributes its products through a network of independent dealers in North America and selected international markets.

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