Malibu Boats (NASDAQ:MBUU) Stock Price Down 5.3% – Here’s What Happened

Malibu Boats, Inc. (NASDAQ:MBUU)’s share price fell 5.3% during trading on Tuesday . The company traded as low as $42.63 and last traded at $42.81. 49,266 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 250,562 shares. The stock had previously closed at $45.22.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Truist Financial raised their price objective on shares of Malibu Boats from $32.00 to $42.00 and gave the company a “hold” rating in a research note on Friday, November 1st. DA Davidson downgraded Malibu Boats from a “buy” rating to a “neutral” rating and set a $45.00 price target for the company. in a research note on Friday, November 1st. KeyCorp increased their price objective on Malibu Boats from $38.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Robert W. Baird lifted their target price on Malibu Boats from $40.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of Malibu Boats in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $44.57.

Malibu Boats Stock Performance

The firm has a market cap of $831.97 million, a PE ratio of -10.71 and a beta of 1.36. The company has a quick ratio of 0.52, a current ratio of 1.55 and a debt-to-equity ratio of 0.05. The company has a 50-day simple moving average of $41.17 and a two-hundred day simple moving average of $37.65.

Malibu Boats (NASDAQ:MBUU) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.16. Malibu Boats had a negative net margin of 10.90% and a positive return on equity of 2.39%. The company had revenue of $171.60 million for the quarter, compared to the consensus estimate of $165.33 million. During the same period in the previous year, the firm earned $1.07 EPS. The firm’s quarterly revenue was down 32.9% on a year-over-year basis. As a group, equities research analysts forecast that Malibu Boats, Inc. will post 2.01 earnings per share for the current year.

Institutional Investors Weigh In On Malibu Boats

Several large investors have recently modified their holdings of MBUU. Studio Investment Management LLC grew its holdings in Malibu Boats by 264.4% during the second quarter. Studio Investment Management LLC now owns 707 shares of the company’s stock valued at $25,000 after purchasing an additional 513 shares during the period. nVerses Capital LLC purchased a new stake in Malibu Boats in the 3rd quarter worth about $74,000. SG Americas Securities LLC purchased a new stake in Malibu Boats in the 2nd quarter worth about $139,000. Benjamin Edwards Inc. raised its stake in Malibu Boats by 43.1% in the 2nd quarter. Benjamin Edwards Inc. now owns 5,112 shares of the company’s stock valued at $179,000 after acquiring an additional 1,539 shares during the period. Finally, US Bancorp DE lifted its holdings in Malibu Boats by 851.7% during the third quarter. US Bancorp DE now owns 5,434 shares of the company’s stock valued at $211,000 after purchasing an additional 4,863 shares during the last quarter. Hedge funds and other institutional investors own 91.35% of the company’s stock.

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.