Malibu Boats (NASDAQ:MBUU) Stock Crosses Above 50-Day Moving Average – Here’s Why

Shares of Malibu Boats, Inc. (NASDAQ:MBUU) passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $28.01 and traded as high as $31.27. Malibu Boats shares last traded at $31.05, with a volume of 238,688 shares trading hands.

Analyst Ratings Changes

A number of analysts recently weighed in on MBUU shares. B. Riley decreased their price target on shares of Malibu Boats from $33.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, November 25th. Zacks Research upgraded Malibu Boats from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. Truist Financial boosted their price target on Malibu Boats from $30.00 to $37.00 and gave the stock a “hold” rating in a research report on Tuesday, October 28th. Loop Capital assumed coverage on shares of Malibu Boats in a research report on Monday, December 22nd. They issued a “buy” rating and a $34.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Malibu Boats in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $34.67.

Malibu Boats Trading Up 1.1%

The company has a current ratio of 1.63, a quick ratio of 0.68 and a debt-to-equity ratio of 0.04. The business has a 50 day simple moving average of $28.01 and a two-hundred day simple moving average of $31.54. The stock has a market cap of $597.09 million, a price-to-earnings ratio of 31.68 and a beta of 1.18.

Malibu Boats (NASDAQ:MBUU) last released its earnings results on Thursday, October 30th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.12 by $0.03. Malibu Boats had a return on equity of 5.28% and a net margin of 2.31%.The company had revenue of $194.73 million during the quarter, compared to analysts’ expectations of $182.09 million. During the same period in the prior year, the business posted $0.08 EPS. The business’s revenue was up 15.0% on a year-over-year basis. As a group, equities analysts anticipate that Malibu Boats, Inc. will post 1.69 EPS for the current year.

Malibu Boats declared that its Board of Directors has authorized a stock buyback program on Friday, December 19th that authorizes the company to buyback $70.00 million in shares. This buyback authorization authorizes the company to purchase up to 12.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Malibu Boats

Large investors have recently modified their holdings of the stock. Pzena Investment Management LLC increased its stake in Malibu Boats by 8.9% during the second quarter. Pzena Investment Management LLC now owns 1,670,977 shares of the company’s stock valued at $52,368,000 after purchasing an additional 136,138 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Malibu Boats by 4.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 352,897 shares of the company’s stock valued at $11,060,000 after buying an additional 16,422 shares during the period. Twin Lions Management LLC grew its position in shares of Malibu Boats by 60.2% during the 2nd quarter. Twin Lions Management LLC now owns 1,080,301 shares of the company’s stock valued at $33,857,000 after buying an additional 405,838 shares during the last quarter. Fort Washington Investment Advisors Inc. OH raised its stake in Malibu Boats by 28.6% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 505,625 shares of the company’s stock worth $16,408,000 after acquiring an additional 112,561 shares during the period. Finally, Inceptionr LLC acquired a new stake in Malibu Boats during the second quarter worth about $263,000. Institutional investors own 91.35% of the company’s stock.

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.