Malibu Boats (NASDAQ:MBUU) Shares Gap Up – Here’s What Happened

Malibu Boats, Inc. (NASDAQ:MBUU)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $42.22, but opened at $45.70. Malibu Boats shares last traded at $46.77, with a volume of 29,836 shares.

Analysts Set New Price Targets

Several brokerages have issued reports on MBUU. Truist Financial reiterated a “hold” rating and set a $32.00 target price on shares of Malibu Boats in a report on Monday, July 8th. B. Riley decreased their price target on shares of Malibu Boats from $39.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. DA Davidson reissued a “buy” rating and set a $45.00 price target on shares of Malibu Boats in a research report on Tuesday, September 10th. Finally, StockNews.com lowered shares of Malibu Boats from a “hold” rating to a “sell” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $40.00.

Malibu Boats Trading Up 6.8 %

The stock has a market capitalization of $921.44 million, a PE ratio of -17.61 and a beta of 1.38. The company’s 50-day moving average is $38.78 and its 200 day moving average is $36.55.

Malibu Boats (NASDAQ:MBUU) last announced its quarterly earnings data on Thursday, August 29th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.07). Malibu Boats had a negative net margin of 6.74% and a positive return on equity of 6.21%. The company had revenue of $158.70 million during the quarter, compared to analysts’ expectations of $157.54 million. During the same period in the previous year, the business earned $2.96 earnings per share. The business’s revenue for the quarter was down 57.4% compared to the same quarter last year. Sell-side analysts forecast that Malibu Boats, Inc. will post 1.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Malibu Boats

A number of institutional investors have recently bought and sold shares of MBUU. Studio Investment Management LLC raised its position in Malibu Boats by 264.4% during the 2nd quarter. Studio Investment Management LLC now owns 707 shares of the company’s stock worth $25,000 after buying an additional 513 shares during the last quarter. nVerses Capital LLC purchased a new position in Malibu Boats during the 3rd quarter worth approximately $74,000. EntryPoint Capital LLC purchased a new position in Malibu Boats during the 1st quarter worth approximately $84,000. SG Americas Securities LLC purchased a new position in Malibu Boats during the 2nd quarter worth approximately $139,000. Finally, Central Pacific Bank Trust Division purchased a new position in Malibu Boats during the 1st quarter worth approximately $142,000. 91.35% of the stock is owned by hedge funds and other institutional investors.

About Malibu Boats

Malibu Boats, Inc designs, engineers, manufactures, markets, and sells a range of recreational powerboats. It operates through three segments: Malibu, Saltwater Fishing, and Cobalt. The company provides performance sport boats, and sterndrive and outboard boats under the Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, and Cobalt brands.