MarineMax (NYSE:HZO) Shares Gap Down Following Weak Earnings

MarineMax, Inc. (NYSE:HZO - Get Free Report) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $27.32, but opened at $22.72. MarineMax shares last traded at $24.14, with a volume of 643,438 shares changing hands.

The specialty retailer reported $0.49 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.67). MarineMax had a positive return on equity of 2.63% and a negative net margin of 1.15%. The firm had revenue of $657.16 million for the quarter, compared to analysts' expectations of $737.82 million. During the same quarter last year, the firm posted $1.51 earnings per share. The firm's revenue for the quarter was down 13.3% compared to the same quarter last year.

Analysts Set New Price Targets

Several brokerages have commented on HZO. Wall Street Zen lowered shares of MarineMax from a "hold" rating to a "sell" rating in a research report on Saturday. Truist Financial lowered their price objective on shares of MarineMax from $38.00 to $26.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Citigroup reaffirmed a "buy" rating and issued a $32.00 price objective (up previously from $29.00) on shares of MarineMax in a research report on Monday, June 16th. Finally, B. Riley reissued a "buy" rating on shares of MarineMax in a research report on Friday. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat, MarineMax currently has an average rating of "Moderate Buy" and an average target price of $33.25.

Institutional Trading of MarineMax

Several institutional investors and hedge funds have recently bought and sold shares of the company. Divisadero Street Capital Management LP bought a new position in shares of MarineMax in the 4th quarter worth $8,503,000. CenterBook Partners LP lifted its position in shares of MarineMax by 155.8% in the 1st quarter. CenterBook Partners LP now owns 444,739 shares of the specialty retailer's stock worth $9,562,000 after purchasing an additional 270,859 shares during the period. Broad Bay Capital Management LP lifted its position in shares of MarineMax by 22.6% in the 1st quarter. Broad Bay Capital Management LP now owns 843,756 shares of the specialty retailer's stock worth $18,141,000 after purchasing an additional 155,750 shares during the period. Interval Partners LP increased its stake in shares of MarineMax by 181.2% in the 1st quarter. Interval Partners LP now owns 241,139 shares of the specialty retailer's stock worth $5,184,000 after acquiring an additional 155,382 shares in the last quarter. Finally, Levin Capital Strategies L.P. increased its stake in shares of MarineMax by 42.3% in the 1st quarter. Levin Capital Strategies L.P. now owns 508,287 shares of the specialty retailer's stock worth $10,928,000 after acquiring an additional 150,976 shares in the last quarter. 92.85% of the stock is currently owned by hedge funds and other institutional investors.

MarineMax Stock Performance

The firm has a market capitalization of $476.49 million, a P/E ratio of -16.56 and a beta of 1.60. The company has a current ratio of 1.21, a quick ratio of 0.29 and a debt-to-equity ratio of 0.38. The business's 50 day simple moving average is $24.51 and its two-hundred day simple moving average is $24.43.

About MarineMax

MarineMax, Inc operates as a recreational boat and yacht retailer and superyacht services company in the United States. It operates in two segments, Retail Operations and Product Manufacturing. The company sells new and used recreational boats, including pleasure and fishing boats, mega-yachts, yachts, sport cruisers, motor yachts, e-power yachts, pontoon boats, ski boats, jet boats, and other recreational boats.