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

Malibu Boats, Inc. (NASDAQ:MBUU)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $34.61, but opened at $31.31. Malibu Boats shares last traded at $32.9190, with a volume of 53,416 shares changing hands.

Analyst Ratings Changes

Several analysts have commented on the stock. Truist Financial boosted their target price on shares of Malibu Boats from $30.00 to $37.00 and gave the stock a “hold” rating in a research report on Tuesday, October 28th. B. Riley cut their target price on Malibu Boats from $33.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, November 25th. Weiss Ratings reiterated a “sell (d)” rating on shares of Malibu Boats in a research note on Monday, December 29th. Zacks Research raised Malibu Boats from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Loop Capital initiated coverage on Malibu Boats in a research report on Monday, December 22nd. They set a “buy” rating and a $34.00 target price for the company. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Malibu Boats has a consensus rating of “Hold” and a consensus target price of $32.80.

Malibu Boats Price Performance

The company’s 50 day moving average price is $30.65 and its 200 day moving average price is $31.47. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.68 and a current ratio of 1.63. The company has a market cap of $584.10 million, a price-to-earnings ratio of 31.37 and a beta of 1.22.

Malibu Boats (NASDAQ:MBUU) last issued its quarterly earnings data on Thursday, February 5th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.01. Malibu Boats had a net margin of 2.31% and a return on equity of 5.28%. The firm had revenue of $188.62 million for the quarter, compared to analysts’ expectations of $181.96 million. During the same period in the prior year, the firm earned $0.31 earnings per share. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. On average, equities research analysts predict that Malibu Boats, Inc. will post 1.69 earnings per share for the current fiscal year.

Malibu Boats declared that its Board of Directors has initiated a stock buyback program on Friday, December 19th that authorizes the company to buyback $70.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 12.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Malibu Boats

A number of large investors have recently modified their holdings of MBUU. AQR Capital Management LLC increased its holdings in shares of Malibu Boats by 25.3% in the first quarter. AQR Capital Management LLC now owns 11,815 shares of the company’s stock valued at $362,000 after purchasing an additional 2,389 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Malibu Boats by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,590 shares of the company’s stock valued at $356,000 after buying an additional 491 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Malibu Boats by 8.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 57,132 shares of the company’s stock worth $1,753,000 after acquiring an additional 4,496 shares during the last quarter. Strs Ohio acquired a new position in shares of Malibu Boats during the first quarter valued at $123,000. Finally, Pzena Investment Management LLC boosted its holdings in Malibu Boats by 8.9% in the second quarter. Pzena Investment Management LLC now owns 1,670,977 shares of the company’s stock valued at $52,368,000 after acquiring an additional 136,138 shares during the last quarter. 91.35% of the stock is currently owned by institutional investors and hedge funds.

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.