MasterCraft Boat (NASDAQ:MCFT) Price Target Cut to $17.00

MasterCraft Boat (NASDAQ:MCFT) had its target price lowered by DA Davidson from $20.00 to $17.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson’s price target would indicate a potential downside of 0.53% from the stock’s previous close.

Several other analysts have also recently commented on the stock. Stifel Nicolaus restated a “buy” rating and set a $22.00 price target on shares of MasterCraft Boat in a report on Friday, August 30th. StockNews.com cut shares of MasterCraft Boat from a “hold” rating to a “sell” rating in a report on Monday, September 2nd. Truist Financial reaffirmed a “hold” rating and issued a $15.00 price target on shares of MasterCraft Boat in a research note on Friday, August 30th. Finally, B. Riley reduced their price objective on MasterCraft Boat from $22.00 to $19.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, MasterCraft Boat currently has an average rating of “Hold” and an average target price of $19.20.

MasterCraft Boat Price Performance

Shares of NASDAQ:MCFT opened at $17.09 on Tuesday. The company’s fifty day moving average is $19.33 and its two-hundred day moving average is $20.44. The company has a market cap of $290.21 million, a P/E ratio of 7.70 and a beta of 1.61. MasterCraft Boat has a 12-month low of $16.23 and a 12-month high of $24.05. The company has a quick ratio of 1.42, a current ratio of 1.99 and a debt-to-equity ratio of 0.24.

MasterCraft Boat (NASDAQ:MCFT) last posted its quarterly earnings results on Thursday, August 29th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.18. MasterCraft Boat had a return on equity of 9.44% and a net margin of 2.13%. The firm had revenue of $67.20 million for the quarter, compared to analyst estimates of $63.10 million. During the same period in the previous year, the firm earned $1.33 earnings per share. MasterCraft Boat’s quarterly revenue was down 59.7% on a year-over-year basis. Equities analysts expect that MasterCraft Boat will post 0.49 earnings per share for the current fiscal year.

Insider Transactions at MasterCraft Boat

In other MasterCraft Boat news, major shareholder Coliseum Capital Management, L purchased 53,856 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were acquired at an average price of $19.70 per share, for a total transaction of $1,060,963.20. Following the acquisition, the insider now owns 3,265,154 shares of the company’s stock, valued at $64,323,533.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired a total of 116,372 shares of company stock worth $2,283,824 in the last 90 days. 2.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Truist Financial Corp boosted its position in MasterCraft Boat by 60.5% during the fourth quarter. Truist Financial Corp now owns 39,776 shares of the company’s stock worth $901,000 after purchasing an additional 14,990 shares during the period. Victory Capital Management Inc. grew its stake in MasterCraft Boat by 2.1% in the 4th quarter. Victory Capital Management Inc. now owns 70,296 shares of the company’s stock valued at $1,592,000 after buying an additional 1,441 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in MasterCraft Boat by 17.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 21,661 shares of the company’s stock worth $490,000 after acquiring an additional 3,145 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in MasterCraft Boat during the 4th quarter worth $608,000. Finally, Quest Partners LLC bought a new stake in MasterCraft Boat during the fourth quarter valued at about $393,000. Institutional investors and hedge funds own 97.64% of the company’s stock.

About MasterCraft Boat

MasterCraft Boat Holdings, Inc, through its subsidiaries, designs, manufactures, and markets recreational powerboats. It operates through MasterCraft, Crest, and Aviara segments. The MasterCraft segment produces premium recreational performance sport boats primarily used for water skiing, wakeboarding, wake surfing, and general recreational boating.