Malibu Boats Inc (NASDAQ:MBUU) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 532,400 shares, an increase of 11.8% from the August 15th total of 476,300 shares. Based on an average daily volume of 231,200 shares, the days-to-cover ratio is presently 2.3 days. Currently, 2.6% of the shares of the company are sold short.
In other Malibu Boats news, COO Ritchie L. Anderson sold 16,889 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $54.13, for a total value of $914,201.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in MBUU. NBW Capital LLC grew its holdings in Malibu Boats by 0.5% during the 1st quarter. NBW Capital LLC now owns 86,963 shares of the company’s stock worth $2,504,000 after acquiring an additional 417 shares during the period. American International Group Inc. grew its stake in shares of Malibu Boats by 4.0% during the second quarter. American International Group Inc. now owns 12,560 shares of the company’s stock worth $652,000 after purchasing an additional 481 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Malibu Boats by 29.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,271 shares of the company’s stock valued at $118,000 after purchasing an additional 520 shares during the last quarter. Meeder Asset Management Inc. lifted its stake in Malibu Boats by 9.8% in the first quarter. Meeder Asset Management Inc. now owns 6,955 shares of the company’s stock valued at $199,000 after buying an additional 618 shares during the period. Finally, AlphaCrest Capital Management LLC boosted its holdings in Malibu Boats by 3.7% during the first quarter. AlphaCrest Capital Management LLC now owns 19,759 shares of the company’s stock worth $569,000 after buying an additional 700 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.
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A number of research analysts recently commented on the company. Raymond James upped their target price on Malibu Boats from $56.00 to $61.00 and gave the company an “outperform” rating in a research note on Friday, August 28th. They noted that the move was a valuation call. Wells Fargo & Company reiterated a “buy” rating on shares of Malibu Boats in a research report on Sunday, June 7th. Robert W. Baird started coverage on shares of Malibu Boats in a research report on Wednesday, July 15th. They issued a “neutral” rating and a $55.00 price target for the company. KeyCorp lifted their price objective on Malibu Boats from $58.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, August 28th. Finally, BMO Capital Markets increased their target price on Malibu Boats from $38.00 to $56.00 and gave the stock a “market perform” rating in a report on Tuesday, September 1st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. Malibu Boats currently has an average rating of “Hold” and an average price target of $61.25.
Malibu Boats stock opened at $50.19 on Friday. The stock has a 50-day simple moving average of $55.49 and a 200 day simple moving average of $44.39. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 17.01 and a beta of 1.99. The company has a quick ratio of 0.73, a current ratio of 1.77 and a debt-to-equity ratio of 0.32. Malibu Boats has a 12-month low of $18.02 and a 12-month high of $63.88.
Malibu Boats (NASDAQ:MBUU) last released its earnings results on Thursday, August 27th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.28. Malibu Boats had a return on equity of 28.59% and a net margin of 9.43%. The company had revenue of $118.70 million during the quarter, compared to the consensus estimate of $100.41 million. During the same quarter in the previous year, the company posted $1.08 earnings per share. The firm’s quarterly revenue was down 39.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Malibu Boats will post 4.27 EPS for the current year.
About Malibu Boats
Malibu Boats, Inc designs, manufactures, distributes, markets, and sells recreational powerboats. The company offers performance sport boats under the Malibu and Axis brand names; and sterndrives and outboard boats under the Cobalt brand name. Its boats are used for water sports, including water skiing, wakeboarding, and wake surfing, as well as general recreational boating.
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The Covid-19 pandemic has created a new “tech wreck”. But unlike the broad selloff at the end of 2018, this downturn has been more selective. Some stocks that looked like they were a little overbought have seen their share prices lowered.
In some cases, there was a legitimate reason for this. However, in other cases, it was likely a result of profit-taking disguised as something else. That’s the nature of a crisis. It gives investors the cover to do what they wanted to do anyway. But once investors start to sell, it can trigger a herd mentality.
And that’s when savvy investors start to look for opportunities. Because as Warren Buffett famously said, “Be greedy when others are fearful.” Tech stocks will lead the way back when the pandemic is over. Because if there’s one thing this moment in time is teaching us, it’s that we’re not going to be less dependent on technology. Businesses aren’t going to be doing less digital advertising. Consumers aren’t going to do less e-commerce.
But the fundamentals still matter. That’s why one of the common traits of many of these companies is that they have rock-solid balance sheets.