Malibu Boats (NASDAQ:MBUU) Sees Strong Trading Volume After Earnings Beat

Malibu Boats, Inc. (NASDAQ:MBUU) shares saw an uptick in trading volume on Tuesday following a stronger than expected earnings report. 37,300 shares were traded during mid-day trading, a decline of 69% from the previous session’s volume of 122,188 shares.The stock last traded at $53.10 and had previously closed at $53.42.

The company reported $2.98 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.72. The company had revenue of $372.30 million during the quarter, compared to analyst estimates of $327.79 million. Malibu Boats had a net margin of 12.40% and a return on equity of 31.40%. Malibu Boats’s revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.35 earnings per share.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. StockNews.com lowered shares of Malibu Boats from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. TheStreet lowered shares of Malibu Boats from a “b-” rating to a “c+” rating in a research note on Tuesday. DA Davidson increased their target price on shares of Malibu Boats from $60.00 to $64.00 in a research note on Friday, May 5th. B. Riley reduced their price target on shares of Malibu Boats from $69.00 to $59.00 in a research report on Wednesday. Finally, Truist Financial reduced their price target on shares of Malibu Boats from $64.00 to $62.00 in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $66.86.

Institutional Trading of Malibu Boats

Hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in Malibu Boats in the second quarter valued at approximately $25,000. Public Employees Retirement System of Ohio raised its holdings in Malibu Boats by 44.7% in the third quarter. Public Employees Retirement System of Ohio now owns 560 shares of the company’s stock valued at $27,000 after acquiring an additional 173 shares in the last quarter. Ensign Peak Advisors Inc acquired a new stake in Malibu Boats in the third quarter valued at approximately $29,000. Point72 Middle East FZE acquired a new stake in Malibu Boats in the fourth quarter valued at approximately $31,000. Finally, Dark Forest Capital Management LP raised its holdings in Malibu Boats by 450.4% in the fourth quarter. Dark Forest Capital Management LP now owns 644 shares of the company’s stock valued at $34,000 after acquiring an additional 527 shares in the last quarter. Institutional investors and hedge funds own 91.35% of the company’s stock.

Malibu Boats Trading Down 4.2 %

The company’s fifty day moving average is $56.64 and its two-hundred day moving average is $56.69. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 6.12 and a beta of 1.61. The company has a quick ratio of 0.83, a current ratio of 2.09 and a debt-to-equity ratio of 0.03.

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.