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

Malibu Boats (NASDAQ:MBUU) had its price objective hoisted by equities researchers at Truist Financial from $32.00 to $42.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price points to a potential downside of 4.89% from the stock’s current price.

Other equities analysts have also issued research reports about the company. B. Riley reduced their price objective on Malibu Boats from $39.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Benchmark restated a “buy” rating and set a $44.00 price target on shares of Malibu Boats in a research report on Friday. KeyCorp increased their target price on shares of Malibu Boats from $38.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday. DA Davidson downgraded Malibu Boats from a “buy” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research report on Friday. Finally, StockNews.com cut shares of Malibu Boats from a “hold” rating to a “sell” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $44.57.

Malibu Boats Price Performance

NASDAQ MBUU traded down $0.72 during midday trading on Friday, hitting $44.16. 72,470 shares of the company traded hands, compared to its average volume of 254,072. The company has a market cap of $883.64 million, a PE ratio of -16.08 and a beta of 1.38. Malibu Boats has a 52 week low of $30.20 and a 52 week high of $56.03. The company’s 50-day simple moving average is $38.99 and its 200-day simple moving average is $36.60.

Malibu Boats (NASDAQ:MBUU) last released its earnings results on Thursday, August 29th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.07). Malibu Boats had a positive return on equity of 6.21% and a negative net margin of 6.74%. The company had revenue of $158.70 million for the quarter, compared to analysts’ expectations of $157.54 million. During the same period in the prior year, the firm posted $2.96 EPS. The firm’s revenue for the quarter was down 57.4% on a year-over-year basis. On average, research analysts predict that Malibu Boats will post 1.98 earnings per share for the current year.

Institutional Investors Weigh In On Malibu Boats

A number of large investors have recently made changes to their positions in the stock. Studio Investment Management LLC raised its holdings in shares of Malibu Boats by 264.4% during the 2nd quarter. Studio Investment Management LLC now owns 707 shares of the company’s stock worth $25,000 after acquiring an additional 513 shares during the period. nVerses Capital LLC purchased a new position in Malibu Boats during the third quarter worth about $74,000. EntryPoint Capital LLC acquired a new stake in shares of Malibu Boats during the first quarter valued at about $84,000. SG Americas Securities LLC purchased a new stake in shares of Malibu Boats in the 2nd quarter valued at approximately $139,000. Finally, Central Pacific Bank Trust Division purchased a new position in shares of Malibu Boats during the 1st quarter worth approximately $142,000. 91.35% of the stock is currently owned by hedge funds and other institutional investors.

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.