Coliseum Capital Management, owner of more than 10% shares of MasterCraft Boat Holdings (NASDAQ:MCFT), has increased its stake in the company by purchasing additional shares worth $3.19 million. The move reflects the insider’s confidence in the company’s near-term performance.
MasterCraft Boat is a manufacturer of performance sport boats and luxury pontoon boats.
Details of the Insider’s Trade
As per the SEC filing, Coliseum Capital, a private investment firm, bought 160,330 shares of MCFT between May 8 and May 10, at an average price of $19.86 per share. The transaction value stood at $3.19 million.
It is worth noting that the insider purchased MCFT stock worth $4.36 million in April 2024 and $3.25 million in March 2024. As per TipRanks, following the most recent transaction, Coliseum Capital now owns 2.52 million shares worth $51.61 million.
Bullish Insider Trading Signal
Overall, TipRanks’ Insider Trading Activity tool shows that the Insider Confidence Signal is currently Positive on MCFT. Corporate insiders have bought MCFT stock worth $10.8 million in the last three months.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Recent Update
Last week, MasterCraft Boat reported better-than-expected results for the third quarter. Additionally, MCFT launched Balise, a new luxury pontoon boat, to diversify its product offerings and potentially drive future growth.
What Is MCFT’s Stock Price Forecast?
Overall, on TipRanks, MasterCraft Boat has a Moderate Buy consensus rating based on two Buy and three Hold ratings. The analysts’ average price forecast on MCFT stock of $23.25 implies a 13.4% upside potential from current levels. Over the past six months, MCFT stock has gained 4.7%.
Interestingly, investors interested in MCFT stock could consider following Raymond James analyst Joseph Altobello. He is the most accurate and profitable analyst covering the stock (in a one-year timeframe). He boasts an average return of 17.4% per rating and a 50% success rate. Click on the image below to learn more.
