Malibu Boats (NASDAQ:MBUU) Shares Down 6% – Here’s What Happened

Malibu Boats, Inc. (NASDAQ:MBUU)’s stock price was down 6% during mid-day trading on Monday . The stock traded as low as $36.12 and last traded at $35.99. Approximately 77,779 shares traded hands during trading, a decline of 54% from the average daily volume of 170,166 shares. The stock had previously closed at $38.29.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MBUU shares. Benchmark reaffirmed a “buy” rating and issued a $44.00 price target on shares of Malibu Boats in a research note on Tuesday. DA Davidson lowered Malibu Boats from a “buy” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a report on Friday, November 1st. Truist Financial raised their target price on Malibu Boats from $34.00 to $38.00 and gave the company a “hold” rating in a research report on Friday, January 31st. StockNews.com raised shares of Malibu Boats to a “sell” rating in a research note on Saturday, November 2nd. Finally, KeyCorp cut their price objective on shares of Malibu Boats from $50.00 to $45.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $42.83.

Malibu Boats Stock Performance

The stock’s 50 day simple moving average is $38.61 and its two-hundred day simple moving average is $38.79. The company has a market cap of $754.77 million, a PE ratio of -8.83 and a beta of 1.33. The company has a quick ratio of 0.45, a current ratio of 1.52 and a debt-to-equity ratio of 0.04.

Malibu Boats (NASDAQ:MBUU) last released its quarterly earnings results on Thursday, January 30th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.01). Malibu Boats had a positive return on equity of 1.04% and a negative net margin of 12.09%. As a group, research analysts anticipate that Malibu Boats, Inc. will post 2.06 earnings per share for the current year.

Institutional Trading of Malibu Boats

Hedge funds and other institutional investors have recently made changes to their positions in the business. US Bancorp DE grew its position in Malibu Boats by 132.4% during the fourth quarter. US Bancorp DE now owns 12,629 shares of the company’s stock valued at $475,000 after purchasing an additional 7,195 shares in the last quarter. Versor Investments LP increased its position in Malibu Boats by 78.6% in the 4th quarter. Versor Investments LP now owns 10,000 shares of the company’s stock worth $376,000 after buying an additional 4,400 shares during the period. Bank of New York Mellon Corp boosted its holdings in Malibu Boats by 370.5% in the 4th quarter. Bank of New York Mellon Corp now owns 440,829 shares of the company’s stock valued at $16,571,000 after purchasing an additional 347,144 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Malibu Boats by 6.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 121,711 shares of the company’s stock valued at $4,575,000 after acquiring an additional 7,186 shares during the period. Finally, Heck Capital Advisors LLC acquired a new position in shares of Malibu Boats in the 4th quarter valued at $38,000. 91.35% of the stock is currently owned by institutional investors.

About Malibu Boats

Malibu Boats, Inc designs, engineers, manufactures, markets, and sells a range of recreational powerboats. It operates through three segments: Malibu, Saltwater Fishing, and Cobalt. The company provides performance sport boats, and sterndrive and outboard boats under the Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, and Cobalt brands.