Mastercraft Boat (NASDAQ:MCFT) Shares Gap Up - Here's What Happened

Key Points

• MasterCraft Boat shares opened higher, rising from a prior close of $20.14 to $21.21 and last trading around $21.33.
• Analyst sentiment remains cautious: the stock carries a consensus “Reduce” rating, with four Holds and two Sells and an average price target of $22.75 after several target-price cuts.
• The company reported strong quarterly results, with EPS of $0.67 versus $0.63 expected and revenue of $129.94 million, up 63.4% year over year; institutional investors own 97.64% of the shares.

Mastercraft Boat Holdings, Inc. (NASDAQ:MCFT - Get Free Report) shares gapped up prior to trading on Friday. The stock had previously closed at $20.14, but opened at $21.21. Mastercraft Boat shares last traded at $21.3310, with a volume of 3,755 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MCFT. Truist Financial dropped their target price on shares of Mastercraft Boat from $28.00 to $22.00 and set a "hold" rating for the company in a research report on Friday, October 23rd. Zacks Research cut shares of Mastercraft Boat from a "hold" rating to a "strong sell" rating in a research note on Tuesday, September 15th. Wall Street Zen raised shares of Mastercraft Boat to a "hold" rating in a research note on Saturday, October 10th. Robert W. Baird dropped their price objective on shares of Mastercraft Boat from $30.00 to $26.00 and set a "neutral" rating for the company in a report on Friday, September 11th. Finally, B. Riley Financial reiterated a "neutral" rating and issued a $22.00 target price (down from $25.00) on shares of Mastercraft Boat in a research note on Wednesday, September 16th. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Mastercraft Boat currently has a consensus rating of "Reduce" and an average target price of $22.75.

Mastercraft Boat Price Performance

The company has a market capitalization of $517.91 million, a price-to-earnings ratio of -1,068.47 and a beta of 1.11. The stock has a 50 day moving average price of $20.99 and a two-hundred day moving average price of $22.52.

Mastercraft Boat (NASDAQ:MCFT - Get Free Report) last issued its quarterly earnings results on Thursday, September 10th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.04. The business had revenue of $129.94 million for the quarter, compared to the consensus estimate of $101.79 million. Mastercraft Boat had a negative net margin of 0.48% and a positive return on equity of 11.08%. The firm's quarterly revenue was up 63.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 EPS. Sell-side analysts forecast that Mastercraft Boat Holdings, Inc. will post 1.66 EPS for the current fiscal year.

Institutional Trading of Mastercraft Boat

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Mastercraft Boat during the 2nd quarter worth about $36,896,000. Dimensional Fund Advisors LP lifted its position in Mastercraft Boat by 3.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 859,835 shares of the company's stock valued at $17,636,000 after purchasing an additional 28,063 shares during the period. Pillsbury Lake Capital LLC bought a new position in shares of Mastercraft Boat in the 2nd quarter valued at about $12,886,943. Polar Asset Management Partners Inc. bought a new position in shares of Mastercraft Boat in the 2nd quarter valued at about $10,073,000. Finally, De Lisle Partners LLP acquired a new stake in shares of Mastercraft Boat during the 2nd quarter worth approximately $5,573,000. Institutional investors and hedge funds own 97.64% of the company's stock.

Mastercraft Boat Company Profile

MasterCraft Boat Holdings, Inc designs, manufactures and sells recreational powerboats. The company serves the premium marine market with boats intended for water sports, cruising, fishing and general leisure use.

Its portfolio has included MasterCraft performance ski and wake boats, Crest pontoon boats and Aviara luxury day boats. MasterCraft boats are known for water-sports features such as wake-shaping systems, while the company's other brands address broader recreational boating needs, including spacious pontoon and luxury day-boat segments.

Founded in 1968, MasterCraft is headquartered in Vonore, Tennessee, and distributes its products through a network of independent dealers in North America and selected international markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.