ONEW - Down More Than 27% Last Month Time to Buy This Marine Stock on the Dip?
2023-09-01 09:53:00 ET
Despite a challenging selling environment, OneWater Marine (NASDAQ: ONEW) enjoyed a 4% revenue increase in its current fiscal year's third quarter, which ended June 30. This recreational boat dealer purveys new and pre-owned leisure boats and yachts in addition to providing maintenance, insurance, and financing services.
Although sales grew, OneWater's net income for the quarter was cut nearly in half versus last year -- and this hit the stock price, sending it sliding 27% in the past month. Let's find out what happened and whether this consumer discretionary stock is worth buying in today's market.
The Georgia-based company operates high-end boat dealerships across the U.S., and seeks to acquire and develop more stores in healthy markets. In addition to selling the latest models of premium boats, OneWater also provides repair and maintenance services for them.
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Down More Than 27% Last Month, Time to Buy This Marine Stock on the Dip?