Malibu Boats (NASDAQ:MBUU) Shares Gap Up Following Strong Earnings

Key Points

• Malibu Boats shares jumped after opening at $28.93 versus a prior close of $26.64, following quarterly results that exceeded expectations.
• The company reported $0.92 in EPS against a $0.79 consensus estimate and $295.54 million in revenue versus $263.89 million expected; revenue increased 42.8% year over year.
• Despite the earnings beat, analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $31.60; institutional investors own 91.35% of the stock.

Malibu Boats, Inc. (NASDAQ:MBUU - Get Free Report)'s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $26.64, but opened at $28.93. Malibu Boats shares last traded at $28.54, with a volume of 71,018 shares traded.

The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.13. The company had revenue of $295.54 million for the quarter, compared to the consensus estimate of $263.89 million. Malibu Boats had a positive return on equity of 3.28% and a negative net margin of 0.11%.Malibu Boats's revenue for the quarter was up 42.8% on a year-over-year basis. During the same quarter last year, the business posted $0.42 EPS.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Weiss Ratings restated a "sell (e+)" rating on shares of Malibu Boats in a report on Friday, August 7th. Zacks Research downgraded shares of Malibu Boats from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 9th. Wall Street Zen raised shares of Malibu Boats from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Truist Financial upped their price target on shares of Malibu Boats from $31.00 to $34.00 and gave the company a "hold" rating in a research report on Monday, July 6th. Finally, DA Davidson reaffirmed a "neutral" rating and set a $30.00 price target on shares of Malibu Boats in a research note on Monday, June 15th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Malibu Boats currently has a consensus rating of "Hold" and a consensus target price of $31.60.

Hedge Funds Weigh In On Malibu Boats

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

Malibu Boats Stock Performance

The company's 50-day moving average price is $27.88 and its two-hundred day moving average price is $27.45. The company has a market capitalization of $548.86 million, a price-to-earnings ratio of -462.08 and a beta of 1.13. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.31 and a quick ratio of 0.44.

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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