Malibu Boats (NASDAQ:MBUU) Shares Gap Down on Disappointing Earnings

Malibu Boats, Inc. (NASDAQ:MBUU - Get Free Report) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $38.88, but opened at $37.79. Malibu Boats shares last traded at $38.70, with a volume of 31,198 shares traded.

The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.01). Malibu Boats had a positive return on equity of 1.04% and a negative net margin of 12.09%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. KeyCorp lowered their target price on Malibu Boats from $50.00 to $45.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. DA Davidson cut shares of Malibu Boats from a "buy" rating to a "neutral" rating and set a $45.00 price target on the stock. in a report on Friday, November 1st. Benchmark reissued a "buy" rating and issued a $44.00 price objective on shares of Malibu Boats in a research report on Tuesday. Truist Financial upped their price target on shares of Malibu Boats from $34.00 to $38.00 and gave the company a "hold" rating in a research note on Friday. Finally, Robert W. Baird boosted their price objective on shares of Malibu Boats from $40.00 to $50.00 and gave the company an "outperform" rating in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Malibu Boats has a consensus rating of "Hold" and a consensus target price of $42.83.

Institutional Trading of Malibu Boats

Several institutional investors have recently bought and sold shares of MBUU. Wellington Management Group LLP lifted its stake in shares of Malibu Boats by 154.8% in the third quarter. Wellington Management Group LLP now owns 1,476,976 shares of the company's stock worth $57,321,000 after buying an additional 897,387 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Malibu Boats by 370.5% in the 4th quarter. Bank of New York Mellon Corp now owns 440,829 shares of the company's stock worth $16,571,000 after purchasing an additional 347,144 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Malibu Boats by 1,267.7% during the 3rd quarter. Janus Henderson Group PLC now owns 238,576 shares of the company's stock worth $9,259,000 after purchasing an additional 221,133 shares during the last quarter. Meros Investment Management LP acquired a new stake in shares of Malibu Boats in the 3rd quarter worth $4,117,000. Finally, Chartwell Investment Partners LLC purchased a new position in Malibu Boats during the third quarter worth about $3,132,000. 91.35% of the stock is owned by institutional investors and hedge funds.

Malibu Boats Price Performance

The stock has a 50-day simple moving average of $38.81 and a 200 day simple moving average of $38.79. The company has a market cap of $732.57 million, a PE ratio of -8.57 and a beta of 1.33. The company has a quick ratio of 0.45, a current ratio of 1.52 and a debt-to-equity ratio of 0.04.

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.