Malibu Boats (NASDAQ:MBUU) Trading Up 7.1% - Here's What Happened

Key Points

• Malibu Boats shares rose 7.1% on Wednesday, trading as high as $28.36 after closing at $26.67 the prior day. Volume was light at about 81,581 shares, well below its average daily volume.
• Recent analyst updates were mostly mixed, but the overall picture remains cautious: Malibu Boats has a consensus rating of “Hold” and an average price target of $31.60. Truist recently raised its target to $34, while other firms maintained or downgraded ratings.
• The company’s latest earnings beat expectations, with EPS of $0.56 versus the $0.29 estimate and revenue of $235.7 million topping forecasts. Institutional ownership remains high at 91.35% of shares outstanding.

Malibu Boats, Inc. (NASDAQ:MBUU - Get Free Report) shares were up 7.1% during trading on Wednesday . The company traded as high as $28.36 and last traded at $28.5510. Approximately 81,581 shares were traded during trading, a decline of 73% from the average daily volume of 306,235 shares. The stock had previously closed at $26.67.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MBUU shares. DA Davidson reissued a "neutral" rating and set a $30.00 price objective on shares of Malibu Boats in a research report on Monday, June 15th. Weiss Ratings downgraded shares of Malibu Boats from a "sell (d)" rating to a "sell (e+)" rating in a research report on Monday, May 11th. Wall Street Zen upgraded shares of Malibu Boats from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Zacks Research lowered Malibu Boats from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 9th. Finally, Truist Financial upped their price target on Malibu Boats from $31.00 to $34.00 and gave the stock a "hold" rating in a research note on Monday, July 6th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Malibu Boats has a consensus rating of "Hold" and a consensus target price of $31.60.

Malibu Boats Price Performance

The company has a current ratio of 1.31, a quick ratio of 0.44 and a debt-to-equity ratio of 0.32. The stock has a fifty day simple moving average of $27.07 and a 200-day simple moving average of $28.14. The stock has a market cap of $555.24 million, a price-to-earnings ratio of -472.83 and a beta of 1.14.

Malibu Boats (NASDAQ:MBUU - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.27. Malibu Boats had a negative net margin of 0.11% and a positive return on equity of 3.28%. The business had revenue of $235.70 million during the quarter, compared to analysts' expectations of $203.46 million. During the same quarter last year, the company earned $0.72 earnings per share. The firm's revenue was up 3.1% on a year-over-year basis. As a group, equities research analysts expect that Malibu Boats, Inc. will post 1.34 EPS for the current year.

Institutional Trading of Malibu Boats

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MBUU. Intesa Sanpaolo Wealth Management bought a new position in shares of Malibu Boats during the fourth quarter valued at $31,000. BNP Paribas Financial Markets boosted its holdings in shares of Malibu Boats by 43.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,128 shares of the company's stock worth $67,000 after acquiring an additional 643 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Malibu Boats by 346.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,321 shares of the company's stock worth $73,000 after acquiring an additional 1,801 shares during the last quarter. Russell Investments Group Ltd. raised its position in Malibu Boats by 108.5% in the 4th quarter. Russell Investments Group Ltd. now owns 3,301 shares of the company's stock valued at $93,000 after purchasing an additional 1,718 shares during the last quarter. Finally, Strs Ohio bought a new position in Malibu Boats in the 1st quarter valued at $123,000. Institutional investors own 91.35% of the company's stock.

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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