Truist Financial Forecasts Strong Price Appreciation for Malibu Boats (NASDAQ:MBUU) Stock

Malibu Boats (NASDAQ:MBUU) had its price target lifted by equities researchers at Truist Financial from $31.00 to $34.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s target price indicates a potential upside of 35.62% from the stock’s previous close.

MBUU has been the topic of several other research reports. DA Davidson reiterated a “neutral” rating and issued a $30.00 target price on shares of Malibu Boats in a research note on Monday, June 15th. Wall Street Zen raised shares of Malibu Boats from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings lowered shares of Malibu Boats from a “sell (d)” rating to a “sell (e+)” rating in a report on Monday, May 11th. Finally, Zacks Research raised Malibu Boats from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $31.60.

Malibu Boats Price Performance

Shares of NASDAQ:MBUU opened at $25.07 on Monday. 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 stock has a fifty day simple moving average of $27.00 and a two-hundred day simple moving average of $28.28. Malibu Boats has a 12-month low of $23.84 and a 12-month high of $39.65. The stock has a market capitalization of $492.37 million, a price-to-earnings ratio of -417.83 and a beta of 1.14.

Malibu Boats (NASDAQ:MBUU) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.27. Malibu Boats had a positive return on equity of 3.28% and a negative net margin of 0.11%.The firm had revenue of $235.70 million during the quarter, compared to the consensus estimate of $203.46 million. During the same period last year, the company earned $0.72 earnings per share. The company’s revenue was up 3.1% on a year-over-year basis. On average, research analysts anticipate that Malibu Boats will post 1.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Malibu Boats

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Intesa Sanpaolo Wealth Management purchased a new stake in Malibu Boats during the 4th quarter valued at $31,000. BNP Paribas Financial Markets grew its holdings in shares of 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 acquiring an additional 643 shares during the period. Tower Research Capital LLC TRC increased its position in Malibu Boats by 346.3% during the second quarter. Tower Research Capital LLC TRC now owns 2,321 shares of the company’s stock valued at $73,000 after acquiring an additional 1,801 shares during the last quarter. Russell Investments Group Ltd. increased its position in Malibu Boats by 108.5% during the fourth quarter. Russell Investments Group Ltd. now owns 3,301 shares of the company’s stock valued at $93,000 after acquiring an additional 1,718 shares during the last quarter. Finally, Strs Ohio bought a new position in Malibu Boats in the first quarter valued at about $123,000. 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.