Malibu Boats (NASDAQ:MBUU) Shares Up 7.1% – Time to Buy?

Malibu Boats, Inc. (NASDAQ:MBUU) rose 7.1% during mid-day trading on Wednesday . The stock traded as high as $28.36 and last traded at $28.5510. Approximately 81,581 shares changed hands during trading, a decline of 73% from the average session volume of 306,235 shares. The stock had previously closed at $26.67.

Analysts Set New Price Targets

MBUU has been the subject of a number of research analyst reports. Weiss Ratings downgraded shares of Malibu Boats from a “sell (d)” rating to a “sell (e+)” rating in a research note on Monday, May 11th. Truist Financial raised their price target on shares of Malibu Boats from $31.00 to $34.00 and gave the company a “hold” rating in a report on Monday, July 6th. Wall Street Zen upgraded Malibu Boats from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Zacks Research cut Malibu Boats from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 9th. Finally, DA Davidson restated a “neutral” rating and set a $30.00 target price on shares of Malibu Boats in a research report on Monday, June 15th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $31.60.

Malibu Boats Price Performance

The firm has a market capitalization of $555.24 million, a price-to-earnings ratio of -472.83 and a beta of 1.14. The company has a quick ratio of 0.44, a current ratio of 1.31 and a debt-to-equity ratio of 0.32. The company’s fifty day moving average is $27.07 and its two-hundred day moving average is $28.14.

Malibu Boats (NASDAQ:MBUU) last issued its earnings results on Thursday, May 7th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.29 by $0.27. Malibu Boats had a negative net margin of 0.11% and a positive return on equity of 3.28%. The company had revenue of $235.70 million during the quarter, compared to analysts’ expectations of $203.46 million. During the same quarter in the previous year, the company posted $0.72 EPS. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. Equities research analysts anticipate that Malibu Boats, Inc. will post 1.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Malibu Boats

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC acquired a new position in shares of Malibu Boats in the 1st quarter valued at approximately $194,403,000. Wellington Management Group LLP lifted its stake in Malibu Boats by 27.1% in the fourth quarter. Wellington Management Group LLP now owns 1,688,099 shares of the company’s stock valued at $47,621,000 after buying an additional 359,550 shares in the last quarter. Fort Washington Investment Advisors Inc. OH lifted its stake in Malibu Boats by 31.6% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 665,373 shares of the company’s stock valued at $18,770,000 after buying an additional 159,748 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of 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 buying an additional 105,734 shares during the period. Finally, Empowered Funds LLC bought a new stake in shares of Malibu Boats during the first quarter worth $2,321,000. Institutional investors 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.