Zacks Research Downgrades Malibu Boats (NASDAQ:MBUU) to Hold

Malibu Boats (NASDAQ:MBUU) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Malibu Boats from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Truist Financial raised their price objective on Malibu Boats from $31.00 to $34.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. Weiss Ratings cut Malibu Boats from a “sell (d)” rating to a “sell (e+)” rating in a report on Monday, May 11th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $30.00 target price on shares of Malibu Boats in a research report on Monday, June 15th. 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $31.60.

Malibu Boats Trading Up 1.9%

Shares of MBUU opened at $26.74 on Thursday. Malibu Boats has a twelve month low of $23.84 and a twelve month high of $39.65. The company has a current ratio of 1.31, a quick ratio of 0.44 and a debt-to-equity ratio of 0.32. The firm’s 50-day moving average is $27.02 and its two-hundred day moving average is $28.18. The firm has a market capitalization of $525.17 million, a P/E ratio of -445.67 and a beta of 1.14.

Malibu Boats (NASDAQ:MBUU) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.27. Malibu Boats had a negative net margin of 0.11% and a positive return on equity of 3.28%. The company had revenue of $235.70 million for the quarter, compared to analysts’ expectations of $203.46 million. During the same quarter in the previous year, the company posted $0.72 EPS. The business’s revenue was up 3.1% compared to the same quarter last year. On average, research analysts predict that Malibu Boats will post 1.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Malibu Boats

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC boosted its stake 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. lifted its holdings in shares of Malibu Boats by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,590 shares of the company’s stock valued at $356,000 after purchasing an additional 491 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Malibu Boats by 8.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 57,132 shares of the company’s stock valued at $1,753,000 after purchasing an additional 4,496 shares in the last quarter. Strs Ohio acquired a new stake in shares of Malibu Boats in the first quarter worth $123,000. Finally, Creative Planning boosted its position in shares of 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 buying an additional 453 shares during the period. Hedge funds and other institutional investors own 91.35% of the company’s stock.

About Malibu Boats

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.