Malibu Boats (NASDAQ:MBUU) Shares Gap Up to $34.53

Malibu Boats, Inc. (NASDAQ:MBUU)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $34.53, but opened at $35.69. Malibu Boats shares last traded at $35.35, with a volume of 11,920 shares traded.

Analyst Ratings Changes

A number of research firms recently issued reports on MBUU. Robert W. Baird lowered their target price on Malibu Boats from $50.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Raymond James lowered shares of Malibu Boats from an “outperform” rating to a “market perform” rating in a report on Monday, April 15th. Truist Financial dropped their price target on Malibu Boats from $52.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. KeyCorp decreased their price objective on Malibu Boats from $50.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Finally, B. Riley cut their target price on Malibu Boats from $45.00 to $39.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 16th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $43.14.

Malibu Boats Stock Down 1.4 %

The company has a current ratio of 1.67, a quick ratio of 0.66 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average of $37.61 and a 200 day moving average of $44.10.

Malibu Boats (NASDAQ:MBUU) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.14. Malibu Boats had a positive return on equity of 18.01% and a negative net margin of 5.19%. The company had revenue of $203.42 million for the quarter, compared to analysts’ expectations of $205.83 million. As a group, equities research analysts anticipate that Malibu Boats, Inc. will post 1.84 EPS for the current year.

Insider Buying and Selling at Malibu Boats

In other news, Director Mark W. Lanigan acquired 20,000 shares of the stock in a transaction dated Monday, May 6th. The shares were bought at an average cost of $33.43 per share, for a total transaction of $668,600.00. Following the purchase, the director now directly owns 73,368 shares of the company’s stock, valued at $2,452,692.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.62% of the company’s stock.

Institutional Investors Weigh In On Malibu Boats

Hedge funds have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. raised its stake in Malibu Boats by 828.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 41,686 shares of the company’s stock valued at $2,285,000 after buying an additional 37,197 shares during the period. Invesco Ltd. boosted its position in Malibu Boats by 272.7% during the third quarter. Invesco Ltd. now owns 127,109 shares of the company’s stock worth $6,231,000 after purchasing an additional 93,004 shares during the period. UBS Group AG boosted its position in Malibu Boats by 33.7% during the third quarter. UBS Group AG now owns 147,563 shares of the company’s stock worth $7,234,000 after purchasing an additional 37,217 shares during the period. Vanguard Group Inc. raised its position in shares of Malibu Boats by 2.7% in the third quarter. Vanguard Group Inc. now owns 1,365,273 shares of the company’s stock valued at $66,926,000 after purchasing an additional 35,474 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of Malibu Boats by 1.8% during the 3rd quarter. Swiss National Bank now owns 45,400 shares of the company’s stock worth $2,226,000 after buying an additional 800 shares during the period. 91.35% of the stock is currently owned by institutional investors and hedge funds.

About Malibu Boats

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.