Mastercraft Boat (NASDAQ:MCFT) Share Price Crosses Below 50-Day Moving Average – What’s Next?

Mastercraft Boat Holdings, Inc. (NASDAQ:MCFT)’s share price passed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $23.15 and traded as low as $19.60. Mastercraft Boat shares last traded at $20.08, with a volume of 232,914 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MCFT. Zacks Research cut shares of Mastercraft Boat from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 15th. B. Riley Financial restated a “neutral” rating and issued a $22.00 target price (down from $25.00) on shares of Mastercraft Boat in a research note on Wednesday, September 16th. Truist Financial lifted their price target on Mastercraft Boat from $25.00 to $28.00 and gave the company a “hold” rating in a research report on Monday, July 6th. Weiss Ratings cut Mastercraft Boat from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, September 11th. Finally, Robert W. Baird decreased their price objective on Mastercraft Boat from $30.00 to $26.00 and set a “neutral” rating for the company in a report on Friday, September 11th. Four equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Mastercraft Boat has a consensus rating of “Reduce” and an average target price of $24.25.

Mastercraft Boat Price Performance

The stock’s 50 day simple moving average is $23.06 and its two-hundred day simple moving average is $23.04. The firm has a market cap of $483.39 million, a P/E ratio of -992.50 and a beta of 1.07.

Mastercraft Boat (NASDAQ:MCFT) last issued its quarterly earnings results on Thursday, September 10th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. Mastercraft Boat had a positive return on equity of 11.08% and a negative net margin of 0.48%.The firm had revenue of $129.94 million for the quarter, compared to analysts’ expectations of $101.79 million. During the same period in the previous year, the firm posted $0.40 EPS. The business’s revenue for the quarter was up 63.4% compared to the same quarter last year. Equities research analysts anticipate that Mastercraft Boat Holdings, Inc. will post 1.66 earnings per share for the current year.

Hedge Funds Weigh In On Mastercraft Boat

Large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Mastercraft Boat during the 2nd quarter valued at about $36,896,000. Dimensional Fund Advisors LP lifted its stake in shares of Mastercraft Boat by 3.4% in the first quarter. Dimensional Fund Advisors LP now owns 859,835 shares of the company’s stock worth $17,636,000 after buying an additional 28,063 shares in the last quarter. Pillsbury Lake Capital LLC purchased a new stake in shares of Mastercraft Boat during the second quarter valued at approximately $12,886,943. Polar Asset Management Partners Inc. bought a new stake in shares of Mastercraft Boat during the second quarter valued at approximately $10,073,000. Finally, De Lisle Partners LLP purchased a new position in Mastercraft Boat in the 2nd quarter worth approximately $5,573,000. Hedge funds and other institutional investors own 97.64% of the company’s stock.

Mastercraft Boat Company Profile

MasterCraft Boat Holdings, Inc designs, manufactures and sells recreational powerboats. The company is best known for MasterCraft-branded performance boats, including wake, surf and ski boats designed for watersports and recreational use.

Its portfolio has also included Crest pontoon boats and Aviara luxury dayboats, serving customers seeking family-oriented boating, cruising and premium recreational vessels. The company sells its boats through a network of independent dealers and supports its products with parts, accessories and related services.

MasterCraft traces its origins to 1968 and is headquartered in Vonore, Tennessee.