Malibu Boats (NASDAQ:MBUU) Stock Rating Lowered by Zacks Research

Malibu Boats (NASDAQ:MBUU) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

Several other research firms have also recently commented on MBUU. Truist Financial boosted their target price on Malibu Boats from $31.00 to $34.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. Wall Street Zen raised Malibu Boats from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. DA Davidson reaffirmed a “neutral” rating and issued a $30.00 target price on shares of Malibu Boats in a report on Monday, June 15th. Finally, Weiss Ratings downgraded shares of Malibu Boats from a “sell (d)” rating to a “sell (e+)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Malibu Boats currently has a consensus rating of “Hold” and a consensus price target of $31.60.

Malibu Boats Stock Up 1.9%

MBUU stock traded up $0.51 during midday trading on Thursday, hitting $26.74. The company’s stock had a trading volume of 229,256 shares, compared to its average volume of 307,047. The company has a quick ratio of 0.44, a current ratio of 1.31 and a debt-to-equity ratio of 0.32. Malibu Boats has a 52-week low of $23.84 and a 52-week high of $39.65. The firm has a market capitalization of $525.17 million, a P/E ratio of -445.67 and a beta of 1.14. The firm has a 50-day simple moving average of $27.02 and a 200-day simple moving average of $28.18.

Malibu Boats (NASDAQ:MBUU) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.27. The business had revenue of $235.70 million for the quarter, compared to analyst estimates of $203.46 million. Malibu Boats had a positive return on equity of 3.28% and a negative net margin of 0.11%.The company’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 earnings per share. As a group, equities analysts forecast that Malibu Boats will post 1.34 EPS for the current year.

Institutional Trading of Malibu Boats

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hennion & Walsh Asset Management Inc. acquired a new position in shares of Malibu Boats in the 2nd quarter valued at $222,000. Central Pacific Bank Trust Division raised its stake in Malibu Boats by 13.5% during the 2nd quarter. Central Pacific Bank Trust Division now owns 5,304 shares of the company’s stock worth $145,000 after acquiring an additional 630 shares in the last quarter. Bank of America Corp DE lifted its position in Malibu Boats by 44.6% in the first quarter. Bank of America Corp DE now owns 343,042 shares of the company’s stock valued at $8,892,000 after acquiring an additional 105,734 shares during the last quarter. Empowered Funds LLC purchased a new stake in Malibu Boats in the first quarter valued at $2,321,000. Finally, Quantinno Capital Management LP boosted its stake in Malibu Boats by 10.6% in the first quarter. Quantinno Capital Management LP now owns 29,284 shares of the company’s stock valued at $759,000 after acquiring an additional 2,796 shares in the last quarter. Institutional investors and hedge funds own 91.35% of the company’s stock.

About Malibu Boats

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.