Malibu Boats (NASDAQ:MBUU) Stock Price Passes Above 50-Day Moving Average – Here’s What Happened

Shares of Malibu Boats, Inc. (NASDAQ:MBUU) passed 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 traded.

Analysts Set New Price Targets

A number of research analysts recently commented on MBUU shares. Truist Financial upped their target price on Malibu Boats from $30.00 to $37.00 and gave the company a “hold” rating in a research note on Tuesday, October 28th. Zacks Research lowered shares of Malibu Boats from a “hold” rating to a “strong sell” rating in a report on Friday, November 28th. Loop Capital assumed coverage on shares of Malibu Boats in a research note on Monday, December 22nd. They issued a “buy” rating and a $34.00 price objective for the company. DA Davidson decreased their target price on shares of Malibu Boats from $33.00 to $31.00 and set a “neutral” rating on the stock in a research report on Monday, September 8th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Malibu Boats in a research note on Monday, December 22nd. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.14.

Malibu Boats Stock Up 0.8%

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.63 and a quick ratio of 0.68. The firm has a 50 day simple moving average of $28.62 and a 200-day simple moving average of $31.68. The stock has a market capitalization of $563.63 million, a price-to-earnings ratio of 29.91 and a beta of 1.20.

Malibu Boats (NASDAQ:MBUU) last issued 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 net margin of 2.31% and a return on equity of 5.28%. The company had revenue of $194.73 million for the quarter, compared to the consensus estimate of $182.09 million. During the same quarter in the previous year, the company earned $0.08 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, sell-side analysts forecast that Malibu Boats, Inc. will post 1.69 EPS for the current fiscal year.

Malibu Boats announced that its Board of Directors has authorized a stock buyback program on Friday, December 19th that permits the company to buyback $70.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 12.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its position in Malibu Boats by 532.3% during the 2nd quarter. GAMMA Investing LLC now owns 999 shares of the company’s stock worth $31,000 after acquiring an additional 841 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Malibu Boats by 43.3% in the second quarter. BNP Paribas Financial Markets now owns 2,128 shares of the company’s stock worth $67,000 after purchasing an additional 643 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Malibu Boats by 346.3% during the second quarter. Tower Research Capital LLC TRC now owns 2,321 shares of the company’s stock worth $73,000 after purchasing an additional 1,801 shares during the last quarter. Strs Ohio bought a new stake in shares of Malibu Boats during the first quarter worth $123,000. Finally, Corton Capital Inc. acquired a new stake in shares of Malibu Boats in the second quarter valued at $211,000. 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.