Mastercraft Boat (NASDAQ:MCFT) Downgraded to “Strong Sell” Rating by Zacks Research

Mastercraft Boat (NASDAQ:MCFT) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday, Zacks reports.

MCFT has been the topic of several other research reports. Truist Financial increased their target price on shares of Mastercraft Boat from $25.00 to $28.00 and gave the company a “hold” rating in a research note on Monday, July 6th. B. Riley Financial reiterated a “neutral” rating and set a $22.00 price target (down from $25.00) on shares of Mastercraft Boat in a report on Wednesday. Weiss Ratings downgraded shares of Mastercraft Boat from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, September 11th. B Riley reaffirmed a “neutral” rating on shares of Mastercraft Boat in a research note on Tuesday. Finally, Robert W. Baird cut their price objective on Mastercraft Boat from $30.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, September 11th. Five analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Mastercraft Boat presently has an average rating of “Reduce” and a consensus price target of $24.25.

Mastercraft Boat Price Performance

Shares of MCFT stock opened at $19.15 on Tuesday. The company has a market cap of $311.76 million, a PE ratio of -957.02 and a beta of 1.07. The stock’s 50 day simple moving average is $23.95 and its two-hundred day simple moving average is $23.08. Mastercraft Boat has a 1 year low of $17.19 and a 1 year high of $28.44.

Mastercraft Boat (NASDAQ:MCFT) last released its earnings results on Thursday, September 10th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.04. Mastercraft Boat had a positive return on equity of 11.08% and a negative net margin of 0.48%.The firm had revenue of $129.94 million for the quarter, compared to the consensus estimate of $101.79 million. During the same quarter in the previous year, the company posted $0.40 EPS. The company’s revenue for the quarter was up 63.4% compared to the same quarter last year. Equities research analysts expect that Mastercraft Boat will post 1.65 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MCFT. Engineers Gate Manager LP raised its position in Mastercraft Boat by 37.5% during the 2nd quarter. Engineers Gate Manager LP now owns 22,704 shares of the company’s stock valued at $586,000 after purchasing an additional 6,197 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Mastercraft Boat in the second quarter valued at about $506,000. Pillsbury Lake Capital LLC purchased a new stake in Mastercraft Boat in the second quarter worth about $12,886,943. Bank of America Corp DE bought a new position in Mastercraft Boat during the 2nd quarter worth about $1,194,000. Finally, Polar Asset Management Partners Inc. bought a new position in Mastercraft Boat during the 2nd quarter worth about $10,073,000. Institutional investors own 97.64% of the company’s stock.

About Mastercraft Boat

MasterCraft Boat Holdings, Inc designs, manufactures and sells recreational powerboats. The company is best known for MasterCraft-branded performance boats, including wake, surf and ski boats designed for watersports and recreational use.

Its portfolio has also included Crest pontoon boats and Aviara luxury dayboats, serving customers seeking family-oriented boating, cruising and premium recreational vessels. The company sells its boats through a network of independent dealers and supports its products with parts, accessories and related services.

MasterCraft traces its origins to 1968 and is headquartered in Vonore, Tennessee.