Malibu Boats (NASDAQ:MBUU) Shares Gap Up Following Strong Earnings

Malibu Boats, Inc. (NASDAQ:MBUU)’s share price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $26.64, but opened at $28.93. Malibu Boats shares last traded at $28.54, with a volume of 71,018 shares traded.

The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.13. Malibu Boats had a negative net margin of 0.11% and a positive return on equity of 3.28%. The business had revenue of $295.54 million during the quarter, compared to analyst estimates of $263.89 million. During the same quarter in the previous year, the business posted $0.42 EPS. Malibu Boats’s quarterly revenue was up 42.8% on a year-over-year basis.

Analyst Upgrades and Downgrades

MBUU has been the subject of several research reports. Zacks Research downgraded Malibu Boats from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 9th. Wall Street Zen upgraded Malibu Boats from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. DA Davidson reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Malibu Boats in a report on Monday, June 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Malibu Boats in a research report on Friday, August 7th. Finally, Truist Financial increased their price target on shares of Malibu Boats from $31.00 to $34.00 and gave the company a “hold” rating in a research report on Monday, July 6th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $31.60.

Institutional Trading of Malibu Boats

Several institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its position in Malibu Boats by 25.3% in the 1st quarter. AQR Capital Management LLC now owns 11,815 shares of the company’s stock worth $362,000 after purchasing an additional 2,389 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 worth $356,000 after buying an additional 491 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Malibu Boats by 8.5% in the 1st 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 buying an additional 4,496 shares during the last quarter. Strs Ohio bought a new position in Malibu Boats in the first quarter valued at about $123,000. Finally, Creative Planning boosted its position in Malibu Boats by 5.0% in the second quarter. Creative Planning now owns 9,471 shares of the company’s stock worth $297,000 after purchasing an additional 453 shares during the last quarter. 91.35% of the stock is currently owned by hedge funds and other institutional investors.

Malibu Boats Trading Up 4.9%

The stock has a 50 day simple moving average of $27.88 and a 200-day simple moving average of $27.45. The firm has a market capitalization of $548.86 million, a P/E ratio of -462.08 and a beta of 1.13. The company has a current ratio of 1.31, a quick ratio of 0.44 and a debt-to-equity ratio of 0.32.

Malibu Boats Company Profile

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.