Mastercraft Boat (NASDAQ:MCFT) Shares Gap Up – Here’s What Happened

Shares of Mastercraft Boat Holdings, Inc. (NASDAQ:MCFT) gapped up prior to trading on Friday. The stock had previously closed at $20.14, but opened at $21.21. Mastercraft Boat shares last traded at $21.3310, with a volume of 3,755 shares changing hands.

Analysts Set New Price Targets

MCFT has been the subject of several recent research reports. Wall Street Zen upgraded shares of Mastercraft Boat to a “hold” rating in a research report on Saturday, October 10th. Robert W. Baird reduced their price target 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. Zacks Research cut Mastercraft Boat from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 15th. Truist Financial dropped their price objective on Mastercraft Boat from $28.00 to $22.00 and set a “hold” rating for the company in a report on Friday, October 23rd. Finally, Weiss Ratings downgraded Mastercraft Boat from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, September 11th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $22.75.

Mastercraft Boat Stock Up 0.7%

The stock has a market cap of $517.91 million, a price-to-earnings ratio of -1,068.47 and a beta of 1.11. The stock’s fifty day moving average is $20.99 and its 200-day moving average is $22.52.

Mastercraft Boat (NASDAQ:MCFT) last posted its earnings results on Thursday, September 10th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. The company had revenue of $129.94 million for the quarter, compared to analyst estimates of $101.79 million. Mastercraft Boat had a negative net margin of 0.48% and a positive return on equity of 11.08%. The business’s revenue for the quarter was up 63.4% compared to the same quarter last year. During the same period last year, the business posted $0.40 earnings per share. As a group, equities research analysts predict that Mastercraft Boat Holdings, Inc. will post 1.66 earnings per share for the current fiscal year.

Institutional Trading of Mastercraft Boat

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Mastercraft Boat in the second quarter valued at about $36,896,000. Pillsbury Lake Capital LLC bought a new stake in shares of Mastercraft Boat in the second quarter worth about $12,886,943. Polar Asset Management Partners Inc. acquired a new stake in shares of Mastercraft Boat during the second quarter worth about $10,073,000. De Lisle Partners LLP bought a new position in shares of Mastercraft Boat during the 2nd quarter valued at about $5,573,000. Finally, Lazard Asset Management LLC bought a new position in shares of Mastercraft Boat during the 1st quarter valued at about $2,248,000. Institutional investors and hedge funds own 97.64% of the company’s stock.

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.