MarineMax (NYSE:HZO) Shares Down 10.5% on Disappointing Earnings

MarineMax, Inc. (NYSE:HZO) was down 10.5% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $24.54 and last traded at $24.0480. Approximately 65,955 shares were traded during trading, a decline of 75% from the average daily volume of 268,204 shares. The stock had previously closed at $26.86.

The specialty retailer reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.09). The firm had revenue of $505.18 million during the quarter, compared to analyst estimates of $481.67 million. MarineMax had a negative net margin of 1.37% and a positive return on equity of 2.00%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same period last year, the business earned $0.17 EPS.

Analyst Ratings Changes

A number of brokerages have recently weighed in on HZO. Truist Financial raised their target price on MarineMax from $26.00 to $29.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Wall Street Zen raised MarineMax from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. Citigroup reiterated a “buy” rating on shares of MarineMax in a research note on Wednesday, January 14th. Weiss Ratings restated a “sell (d)” rating on shares of MarineMax in a research note on Thursday, January 22nd. Finally, Loop Capital assumed coverage on MarineMax in a research note on Monday, December 22nd. They set a “buy” rating and a $29.00 price objective for the company. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Institutional Trading of MarineMax

Hedge funds and other institutional investors have recently modified their holdings of the company. Boothbay Fund Management LLC bought a new position in MarineMax during the third quarter valued at about $17,372,000. Divisadero Street Capital Management LP acquired a new stake in shares of MarineMax in the 3rd quarter valued at $16,620,000. Invesco Ltd. increased its stake in shares of MarineMax by 115.6% in the 2nd quarter. Invesco Ltd. now owns 716,078 shares of the specialty retailer’s stock valued at $18,002,000 after buying an additional 383,926 shares during the period. American Century Companies Inc. lifted its stake in shares of MarineMax by 16.6% during the second quarter. American Century Companies Inc. now owns 2,432,173 shares of the specialty retailer’s stock valued at $61,145,000 after acquiring an additional 345,833 shares during the period. Finally, Gagnon Securities LLC acquired a new position in MarineMax in the third quarter valued at about $6,620,000. 92.85% of the stock is currently owned by hedge funds and other institutional investors.

MarineMax Trading Down 10.4%

The business’s fifty day moving average is $25.50 and its 200 day moving average is $25.27. The firm has a market capitalization of $530.09 million, a price-to-earnings ratio of -15.52 and a beta of 1.65. The company has a quick ratio of 0.32, a current ratio of 1.20 and a debt-to-equity ratio of 0.38.

MarineMax Company Profile

MarineMax, Inc is a publicly traded company on the New York Stock Exchange under the ticker HZO and is one of the largest recreational boat and yacht retailers in the United States. The company markets new and used motor yachts, sailing yachts, sport boats and personal watercraft, acting as an authorized dealer for leading manufacturers. In addition to boat sales, MarineMax provides service and maintenance, parts and accessory sales, training and education, and marina operations.

Operating through a network of sales centers, service facilities and marinas, MarineMax serves coastal and inland markets across the continental U.S.