Mastercraft Boat (NASDAQ:MCFT) Stock Crosses Below 50 Day Moving Average - What's Next?

Key Points

• MCFT fell below its 50-day moving average, trading as low as $19.60 versus the $23.15 average, and last changing hands at $20.08.
• Analyst sentiment is cautious: MasterCraft has a consensus “Reduce” rating, with four Holds and two Sells and an average price target of $24.25.
• Despite the stock weakness, quarterly results exceeded expectations: EPS was $0.67 versus $0.63 expected, while revenue rose 63.4% year over year to $129.94 million.

Mastercraft Boat Holdings, Inc. (NASDAQ:MCFT - Get Free Report)'s stock price passed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $23.15 and traded as low as $19.60. Mastercraft Boat shares last traded at $20.08, with a volume of 232,914 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MCFT shares. Weiss Ratings cut Mastercraft Boat from a "hold (c)" rating to a "sell (d+)" rating in a report on Friday, September 11th. Robert W. Baird decreased their target price on Mastercraft Boat from $30.00 to $26.00 and set a "neutral" rating for the company in a report on Friday, September 11th. Truist Financial upped their target price on Mastercraft Boat from $25.00 to $28.00 and gave the company a "hold" rating in a report on Monday, July 6th. B. Riley Financial reaffirmed a "neutral" rating and issued a $22.00 price target (down from $25.00) on shares of Mastercraft Boat in a research note on Wednesday, September 16th. Finally, Zacks Research cut shares of Mastercraft Boat from a "hold" rating to a "strong sell" rating in a report on Tuesday, September 15th. Four investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Mastercraft Boat presently has a consensus rating of "Reduce" and an average target price of $24.25.

Mastercraft Boat Stock Up 1.1%

The company's fifty day simple moving average is $23.15 and its 200 day simple moving average is $23.04. The firm has a market capitalization of $488.75 million, a PE ratio of -1,003.50 and a beta of 1.07.

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

Institutional Investors Weigh In On Mastercraft Boat

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Mastercraft Boat during the second quarter valued at $36,896,000. Dimensional Fund Advisors LP grew its position in shares of Mastercraft Boat by 3.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 859,835 shares of the company's stock worth $17,636,000 after buying 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 worth about $12,886,943. Polar Asset Management Partners Inc. bought a new position in shares of Mastercraft Boat in the 2nd quarter worth about $10,073,000. Finally, De Lisle Partners LLP purchased a new position in Mastercraft Boat during the 2nd quarter valued at about $5,573,000. 97.64% of the stock is owned by hedge funds and other institutional investors.

About Mastercraft Boat

MasterCraft Boat Holdings, Inc designs, manufactures and sells recreational powerboats. The company is best known for MasterCraft-branded performance boats, including wake, surf and ski boats designed for watersports and recreational use.

Its portfolio has also included Crest pontoon boats and Aviara luxury dayboats, serving customers seeking family-oriented boating, cruising and premium recreational vessels. The company sells its boats through a network of independent dealers and supports its products with parts, accessories and related services.

MasterCraft traces its origins to 1968 and is headquartered in Vonore, Tennessee.

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