Malibu Boats (NASDAQ:MBUU) Rating Lowered to “Hold” at Zacks Research

Malibu Boats (NASDAQ:MBUU) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the company. Griffin Securities set a $30.00 price target on Malibu Boats in a research note on Tuesday, March 3rd. Wall Street Zen upgraded Malibu Boats from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings lowered Malibu Boats from a “sell (d)” rating to a “sell (e+)” rating in a research note on Monday. Finally, Truist Financial dropped their price target on Malibu Boats from $34.00 to $31.00 and set a “hold” rating on the stock in a research note on Monday, April 27th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $31.20.

Malibu Boats Price Performance

Shares of MBUU stock opened at $28.14 on Tuesday. Malibu Boats has a fifty-two week low of $23.84 and a fifty-two week high of $39.65. The firm has a market capitalization of $552.59 million, a price-to-earnings ratio of -469.00 and a beta of 1.13. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.44 and a current ratio of 1.31. The stock’s 50-day simple moving average is $26.03 and its 200-day simple moving average is $28.53.

Malibu Boats (NASDAQ:MBUU) last issued its quarterly earnings results 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. Malibu Boats had a positive return on equity of 3.28% and a negative net margin of 0.11%.The business had revenue of $235.70 million for the quarter, compared to analyst estimates of $203.46 million. During the same quarter in the previous year, the firm earned $0.72 earnings per share. The company’s revenue was up 3.1% on a year-over-year basis. As a group, equities analysts forecast that Malibu Boats will post 1.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Malibu Boats

Institutional investors and hedge funds have recently modified their holdings of the company. Intesa Sanpaolo Wealth Management acquired a new stake in shares of Malibu Boats during the fourth quarter worth about $31,000. BNP Paribas Financial Markets lifted its holdings in shares of Malibu Boats by 43.3% during the second quarter. BNP Paribas Financial Markets now owns 2,128 shares of the company’s stock worth $67,000 after purchasing an additional 643 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Malibu Boats by 346.3% during the second quarter. Tower Research Capital LLC TRC now owns 2,321 shares of the company’s stock worth $73,000 after purchasing an additional 1,801 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Malibu Boats by 108.5% during the fourth quarter. Russell Investments Group Ltd. now owns 3,301 shares of the company’s stock worth $93,000 after purchasing an additional 1,718 shares during the period. Finally, Strs Ohio acquired a new stake in shares of Malibu Boats during the first quarter worth about $123,000. 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.