Truist Financial Cuts OneWater Marine (NASDAQ:ONEW) Price Target to $15.00

Key Points

• Truist Financial lowered its price target for OneWater Marine to $15.00 (from $17) but kept a "buy" rating, a target that implies about a 32.7% upside from the stock's prior close.
• Analyst coverage is mixed—two Buys, three Holds and one Sell—giving a consensus rating of Hold with an average price target of $16.00.
• Operationally, OneWater recently beat EPS expectations (reported -$0.04 vs. -$0.39) with revenue roughly in line at $380.56M, and Chairman Philip Singleton bought 18,008 shares at ~$12.52, signaling insider confidence.

OneWater Marine (NASDAQ:ONEW - Get Free Report) had its price objective decreased by stock analysts at Truist Financial from $17.00 to $15.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price objective would suggest a potential upside of 32.74% from the stock's previous close.

Several other brokerages have also issued reports on ONEW. Zacks Research upgraded shares of OneWater Marine from a "strong sell" rating to a "hold" rating in a research note on Monday, January 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of OneWater Marine in a report on Tuesday, April 21st. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $16.00.

OneWater Marine Stock Performance

Shares of ONEW opened at $11.30 on Monday. The stock has a 50 day moving average of $10.27 and a 200 day moving average of $12.10. The company has a market capitalization of $187.69 million, a price-to-earnings ratio of -1.68 and a beta of 1.69. OneWater Marine has a 12 month low of $8.12 and a 12 month high of $17.92. The company has a current ratio of 1.13, a quick ratio of 0.26 and a debt-to-equity ratio of 1.18.

OneWater Marine (NASDAQ:ONEW - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.35. OneWater Marine had a positive return on equity of 4.32% and a negative net margin of 5.88%.The business had revenue of $380.56 million for the quarter, compared to analysts' expectations of $380.32 million. As a group, sell-side analysts forecast that OneWater Marine will post 0.45 earnings per share for the current year.

Insiders Place Their Bets

In other OneWater Marine news, Chairman Philip Austin Jr. Singleton bought 18,008 shares of the firm's stock in a transaction on Thursday, February 12th. The shares were acquired at an average cost of $12.52 per share, for a total transaction of $225,460.16. Following the purchase, the chairman directly owned 779,776 shares of the company's stock, valued at $9,762,795.52. The trade was a 2.36% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 19.50% of the stock is owned by insiders.

Institutional Trading of OneWater Marine

Large investors have recently modified their holdings of the business. BNP Paribas Financial Markets increased its stake in shares of OneWater Marine by 94.4% during the third quarter. BNP Paribas Financial Markets now owns 2,872 shares of the company's stock valued at $45,000 after buying an additional 1,395 shares during the period. Los Angeles Capital Management LLC purchased a new position in OneWater Marine in the fourth quarter worth about $82,000. JPMorgan Chase & Co. lifted its position in OneWater Marine by 50.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,129 shares of the company's stock valued at $129,000 after acquiring an additional 2,710 shares in the last quarter. Man Group plc bought a new position in shares of OneWater Marine during the fourth quarter valued at $139,000. Finally, Wells Fargo & Company MN lifted its stake in OneWater Marine by 39.9% during the 4th quarter. Wells Fargo & Company MN now owns 12,973 shares of the company's stock valued at $140,000 after acquiring an additional 3,701 shares during the period. 94.32% of the stock is owned by institutional investors.

OneWater Marine Company Profile

OneWater Marine Inc NASDAQ: ONEW is a leading U.S.-based recreational boat retailer offering a comprehensive range of marine products and services. Since its public debut in 2018, the company has built a broad network of locations that serve both coastal and inland markets. OneWater Marine focuses on delivering a full-service customer experience, from initial boat selection to long-term maintenance and support.

Through its dealership network, OneWater Marine markets new and pre-owned powerboats and personal watercraft from top manufacturers.

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