Malibu Boats (NASDAQ:MBUU) Shares Gap Up After Better-Than-Expected Earnings

Key Points

• Better-than-expected quarter: Malibu reported Q EPS of $0.56 vs. $0.29 expected and revenue of $235.7 million, prompting the stock to gap up from a $25.40 close to a $27.50 open and trade as high as $29.21.
• Heavy institutional interest: Parallel Advisors opened a roughly $194.4 million position and institutional investors own about 91.35% of the shares.
• Mixed analyst sentiment: Ratings range from Strong Buy to Sell, with a consensus rating of "Hold" and a $31.20 average price target.

Malibu Boats, Inc. (NASDAQ:MBUU - Get Free Report) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $25.40, but opened at $27.50. Malibu Boats shares last traded at $29.2140, with a volume of 110,942 shares traded.

The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.27. The business had revenue of $235.70 million for the quarter, compared to analysts' expectations of $203.46 million. Malibu Boats had a return on equity of 4.25% and a net margin of 1.76%.The business's revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 EPS.

Analyst Upgrades and Downgrades

MBUU has been the topic of a number of analyst reports. Zacks Research raised shares of Malibu Boats from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 6th. Wall Street Zen cut Malibu Boats from a "hold" rating to a "sell" rating in a research report on Saturday, February 7th. Truist Financial lowered their price objective on Malibu Boats from $34.00 to $31.00 and set a "hold" rating for the company in a research report on Monday, April 27th. Griffin Securities set a $30.00 price objective on Malibu Boats in a research report on Tuesday, March 3rd. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Malibu Boats in a research report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $31.20.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Parallel Advisors LLC acquired a new position in Malibu Boats in the 1st quarter worth approximately $194,403,000. Pzena Investment Management LLC boosted its stake in shares of Malibu Boats by 2.5% in the fourth quarter. Pzena Investment Management LLC now owns 1,721,957 shares of the company's stock worth $48,576,000 after buying an additional 41,713 shares during the last quarter. Wellington Management Group LLP raised its position in Malibu Boats by 27.1% during the fourth quarter. Wellington Management Group LLP now owns 1,688,099 shares of the company's stock valued at $47,621,000 after acquiring an additional 359,550 shares in the last quarter. Cooke & Bieler LP boosted its position in Malibu Boats by 1.5% in the 4th quarter. Cooke & Bieler LP now owns 1,567,404 shares of the company's stock worth $44,216,000 after purchasing an additional 23,313 shares in the last quarter. Finally, Twin Lions Management LLC grew its stake in shares of Malibu Boats by 8.2% during the 4th quarter. Twin Lions Management LLC now owns 1,138,053 shares of the company's stock worth $32,104,000 after purchasing an additional 85,951 shares during the period. 91.35% of the stock is currently owned by hedge funds and other institutional investors.

Malibu Boats Stock Performance

The firm's 50 day moving average is $26.04 and its 200-day moving average is $28.63. The stock has a market capitalization of $544.96 million, a price-to-earnings ratio of 40.05 and a beta of 1.13. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.49 and a current ratio of 1.56.

Malibu Boats Company Profile

Malibu Boats, Inc is a leading designer, manufacturer and distributor of performance sport boats for the recreational boating market. The company's product portfolio includes the premium Malibu® brand and the value-oriented Axis® Wake Research line, as well as Cobalt® boats following its 2020 acquisition. Malibu's vessels are engineered to serve water-sports enthusiasts, with models optimized for wakeboarding, wakesurfing and waterskiing.

Founded in 1982 by water-sports enthusiast Jack Springer, Malibu Boats is headquartered in Loudon, Tennessee.

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