Mastercraft Boat (NASDAQ:MCFT) Shares Gap Up Following Better-Than-Expected Earnings

Mastercraft Boat Holdings, Inc. (NASDAQ:MCFT)’s stock price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $20.50, but opened at $23.00. Mastercraft Boat shares last traded at $21.65, with a volume of 18,372 shares changing hands.

The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.06. Mastercraft Boat had a negative net margin of 0.48% and a positive return on equity of 11.08%.

Analyst Ratings Changes

MCFT has been the topic of a number of recent research reports. Weiss Ratings cut Mastercraft Boat from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, September 11th. Robert W. Baird lowered their target price on Mastercraft Boat from $30.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, September 11th. Zacks Research lowered Mastercraft Boat from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 15th. B. Riley Financial reissued a “neutral” rating and set a $22.00 price target (down from $25.00) on shares of Mastercraft Boat in a research report on Wednesday, September 16th. Finally, Wall Street Zen upgraded Mastercraft Boat to a “hold” rating in a report on Saturday, October 10th. Four equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $22.75.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MCFT. Royce & Associates LP increased its stake in Mastercraft Boat by 5.1% during the third quarter. Royce & Associates LP now owns 432,737 shares of the company’s stock valued at $8,568,000 after purchasing an additional 20,840 shares during the last quarter. CenterBook Partners LP bought a new position in shares of Mastercraft Boat in the 3rd quarter worth about $8,025,000. Inspire Investing LLC lifted its position in shares of Mastercraft Boat by 20.7% in the 3rd quarter. Inspire Investing LLC now owns 32,009 shares of the company’s stock worth $634,000 after buying an additional 5,499 shares during the last quarter. SummerHaven Investment Management LLC bought a new position in shares of Mastercraft Boat in the 3rd quarter worth about $775,000. Finally, State of Alaska Department of Revenue boosted its holdings in shares of Mastercraft Boat by 56.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 3,543 shares of the company’s stock valued at $69,000 after buying an additional 1,279 shares during the period. Institutional investors and hedge funds own 97.64% of the company’s stock.

Mastercraft Boat Stock Performance

The company’s fifty day moving average price is $20.52 and its 200 day moving average price is $22.49. The firm has a market capitalization of $523.64 million, a price-to-earnings ratio of -1,084.21 and a beta of 1.10.

About Mastercraft Boat

MasterCraft Boat Holdings, Inc designs, manufactures and sells recreational powerboats. The company serves the premium marine market with boats intended for water sports, cruising, fishing and general leisure use.

Its portfolio has included MasterCraft performance ski and wake boats, Crest pontoon boats and Aviara luxury day boats. MasterCraft boats are known for water-sports features such as wake-shaping systems, while the company’s other brands address broader recreational boating needs, including spacious pontoon and luxury day-boat segments.

Founded in 1968, MasterCraft is headquartered in Vonore, Tennessee, and distributes its products through a network of independent dealers in North America and selected international markets.