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

Malibu Boats (NASDAQ:MBUU) had its target price increased by Truist Financial from $32.00 to $42.00 in a research report released on Friday, Benzinga reports. The firm currently has a hold rating on the stock.

Other equities analysts have also issued reports about the stock. DA Davidson lowered shares of Malibu Boats from a “buy” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Friday. Robert W. Baird raised their price target on shares of Malibu Boats from $40.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday. Benchmark reissued a “buy” rating and set a $44.00 price objective on shares of Malibu Boats in a report on Friday. StockNews.com downgraded Malibu Boats from a “hold” rating to a “sell” rating in a research report on Friday, August 30th. Finally, KeyCorp lifted their price target on Malibu Boats from $38.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $44.57.

Malibu Boats Price Performance

Shares of MBUU stock traded down $0.95 during mid-day trading on Friday, hitting $43.93. 392,848 shares of the stock traded hands, compared to its average volume of 255,583. The stock’s fifty day moving average is $39.14 and its two-hundred day moving average is $36.66. Malibu Boats has a 52-week low of $30.20 and a 52-week high of $56.03. The stock has a market cap of $879.04 million, a P/E ratio of -15.97 and a beta of 1.38.

Malibu Boats (NASDAQ:MBUU) last announced its earnings results on Thursday, August 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.07). Malibu Boats had a negative net margin of 6.74% and a positive return on equity of 6.21%. The business had revenue of $158.70 million for the quarter, compared to analyst estimates of $157.54 million. During the same period in the prior year, the company earned $2.96 earnings per share. The company’s quarterly revenue was down 57.4% on a year-over-year basis. As a group, equities analysts forecast that Malibu Boats will post 1.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Malibu Boats

A number of institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its stake in shares of Malibu Boats by 74.1% in the first quarter. Principal Financial Group Inc. now owns 9,293 shares of the company’s stock worth $402,000 after buying an additional 3,954 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Malibu Boats by 54.8% in the 1st quarter. BNP Paribas Financial Markets now owns 19,453 shares of the company’s stock valued at $842,000 after purchasing an additional 6,888 shares during the period. Central Pacific Bank Trust Division purchased a new stake in Malibu Boats during the first quarter worth $142,000. Quantbot Technologies LP grew its position in Malibu Boats by 121.9% during the first quarter. Quantbot Technologies LP now owns 6,568 shares of the company’s stock valued at $284,000 after buying an additional 3,608 shares during the period. Finally, Empowered Funds LLC grew its position in Malibu Boats by 21.3% during the first quarter. Empowered Funds LLC now owns 48,322 shares of the company’s stock valued at $2,091,000 after buying an additional 8,480 shares during the period. Hedge funds and other institutional investors own 91.35% of the company’s stock.

Malibu Boats Company Profile

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.