Malibu Boats (NASDAQ:MBUU) Share Price Crosses Above 50-Day Moving Average - Here's What Happened

Malibu Boats, Inc. (NASDAQ:MBUU - Get Free Report)'s stock price passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $31.04 and traded as high as $35.24. Malibu Boats shares last traded at $34.90, with a volume of 181,310 shares traded.

Analysts Set New Price Targets

A number of research firms recently commented on MBUU. Truist Financial lowered their price objective on shares of Malibu Boats from $38.00 to $28.00 and set a "hold" rating on the stock in a research note on Monday, April 14th. KeyCorp cut Malibu Boats from an "overweight" rating to a "sector weight" rating in a report on Thursday, March 20th. Wall Street Zen raised Malibu Boats from a "sell" rating to a "hold" rating in a report on Tuesday, April 15th. Robert W. Baird reissued a "neutral" rating and set a $32.00 target price (down previously from $50.00) on shares of Malibu Boats in a report on Friday, April 4th. Finally, DA Davidson initiated coverage on Malibu Boats in a report on Tuesday, June 3rd. They set a "neutral" rating and a $33.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Malibu Boats presently has an average rating of "Hold" and a consensus target price of $36.17.

Malibu Boats Price Performance

The company has a market cap of $666.76 million, a P/E ratio of 79.02 and a beta of 1.14. The company has a fifty day simple moving average of $31.28 and a 200-day simple moving average of $32.56. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.60 and a quick ratio of 0.61.

Malibu Boats (NASDAQ:MBUU - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.66 by $0.06. Malibu Boats had a negative net margin of 1.19% and a positive return on equity of 1.66%. The business had revenue of $228.66 million for the quarter, compared to analysts' expectations of $226.44 million. During the same period in the previous year, the company posted $0.63 EPS. Malibu Boats's revenue was up 12.4% on a year-over-year basis. On average, sell-side analysts predict that Malibu Boats, Inc. will post 1.69 earnings per share for the current year.

Hedge Funds Weigh In On Malibu Boats

Several institutional investors and hedge funds have recently modified their holdings of MBUU. Bank of New York Mellon Corp boosted its holdings in Malibu Boats by 370.5% in the fourth quarter. Bank of New York Mellon Corp now owns 440,829 shares of the company's stock worth $16,571,000 after purchasing an additional 347,144 shares in the last quarter. US Bancorp DE boosted its holdings in Malibu Boats by 132.4% in the fourth quarter. US Bancorp DE now owns 12,629 shares of the company's stock worth $475,000 after purchasing an additional 7,195 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Malibu Boats by 781.6% in the fourth quarter. Victory Capital Management Inc. now owns 14,802 shares of the company's stock worth $556,000 after purchasing an additional 13,123 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Malibu Boats in the fourth quarter worth $8,221,000. Finally, Berkshire Asset Management LLC PA bought a new stake in Malibu Boats in the fourth quarter worth $1,218,000. 91.35% of the stock is currently owned by hedge funds and other institutional investors.

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.