Malibu Boats (NASDAQ:MBUU) Stock Price Passes Above Fifty Day Moving Average – Here’s Why

Shares of Malibu Boats, Inc. (NASDAQ:MBUU) crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $28.62 and traded as high as $29.46. Malibu Boats shares last traded at $29.31, with a volume of 132,542 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of Malibu Boats from a “hold” rating to a “strong sell” rating in a report on Friday, November 28th. B. Riley lowered their target price on shares of Malibu Boats from $33.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 25th. DA Davidson cut their price target on shares of Malibu Boats from $33.00 to $31.00 and set a “neutral” rating for the company in a report on Monday, September 8th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Malibu Boats in a report on Monday. Finally, Truist Financial increased their price objective on Malibu Boats from $30.00 to $37.00 and gave the stock a “hold” rating in a research report on Tuesday, October 28th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $36.14.

Malibu Boats Stock Performance

The company’s 50-day moving average price is $28.62 and its two-hundred day moving average price is $31.69. The stock has a market cap of $563.63 million, a PE ratio of 29.91 and a beta of 1.20. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.68 and a current ratio of 1.63.

Malibu Boats (NASDAQ:MBUU) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.03. The firm had revenue of $194.73 million during the quarter, compared to analyst estimates of $182.09 million. Malibu Boats had a return on equity of 5.28% and a net margin of 2.31%.The company’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.08 earnings per share. On average, equities research analysts forecast that Malibu Boats, Inc. will post 1.69 EPS for the current year.

Malibu Boats announced that its Board of Directors has initiated a share buyback plan on Friday, December 19th that allows the company to repurchase $70.00 million in shares. This repurchase authorization allows the company to reacquire up to 12.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Malibu Boats

Several institutional investors have recently added to or reduced their stakes in MBUU. GAMMA Investing LLC boosted its holdings in Malibu Boats by 31.3% during the 3rd quarter. GAMMA Investing LLC now owns 1,312 shares of the company’s stock valued at $43,000 after acquiring an additional 313 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Malibu Boats by 4.2% during the third quarter. JPMorgan Chase & Co. now owns 10,936 shares of the company’s stock valued at $355,000 after purchasing an additional 441 shares during the period. Creative Planning grew its holdings 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 purchasing an additional 453 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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 worth $356,000 after buying an additional 491 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in shares of Malibu Boats by 2.3% in the second quarter. Envestnet Asset Management Inc. now owns 22,111 shares of the company’s stock worth $693,000 after buying an additional 506 shares during the period. 91.35% of the stock is currently owned by hedge funds and other institutional investors.

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.