Malibu Boats (NASDAQ:MBUU) Shares Gap Up - Here's Why

Malibu Boats, Inc. (NASDAQ:MBUU - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $42.22, but opened at $45.70. Malibu Boats shares last traded at $46.77, with a volume of 29,836 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MBUU. Truist Financial reiterated a "hold" rating and issued a $32.00 price target on shares of Malibu Boats in a report on Monday, July 8th. B. Riley reduced their target price on shares of Malibu Boats from $39.00 to $35.00 and set a "neutral" rating on the stock in a report on Wednesday, July 10th. DA Davidson restated a "buy" rating and issued a $45.00 target price on shares of Malibu Boats in a report on Tuesday, September 10th. Finally, StockNews.com downgraded shares of Malibu Boats from a "hold" rating to a "sell" rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $40.00.

Malibu Boats Trading Up 6.3 %

The business's 50 day moving average is $38.78 and its 200 day moving average is $36.55. The stock has a market capitalization of $917.35 million, a PE ratio of -17.61 and a beta of 1.38.

Malibu Boats (NASDAQ:MBUU - Get Free Report) last released its quarterly earnings data on Thursday, August 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.07). The company had revenue of $158.70 million during the quarter, compared to analysts' expectations of $157.54 million. Malibu Boats had a negative net margin of 6.74% and a positive return on equity of 6.21%. Malibu Boats's quarterly revenue was down 57.4% on a year-over-year basis. During the same period last year, the firm earned $2.96 earnings per share. As a group, analysts anticipate that Malibu Boats, Inc. will post 1.98 EPS for the current year.

Institutional Investors Weigh In On Malibu Boats

Large investors have recently added to or reduced their stakes in the stock. Studio Investment Management LLC boosted its position in Malibu Boats by 264.4% in the 2nd quarter. Studio Investment Management LLC now owns 707 shares of the company's stock valued at $25,000 after buying an additional 513 shares during the period. nVerses Capital LLC purchased a new stake in shares of Malibu Boats in the 3rd quarter worth approximately $74,000. EntryPoint Capital LLC purchased a new stake in shares of Malibu Boats in the 1st quarter worth approximately $84,000. SG Americas Securities LLC purchased a new stake in shares of Malibu Boats in the 2nd quarter worth approximately $139,000. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of Malibu Boats in the 1st quarter worth approximately $142,000. 91.35% of the stock is owned by hedge funds and other institutional investors.

Malibu Boats Company Profile

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.