Malibu Boats (NASDAQ:MBUU) Shares Down 4.2% – What’s Next?

Malibu Boats, Inc. (NASDAQ:MBUU)’s share price was down 4.2% during mid-day trading on Tuesday . The company traded as low as $28.44 and last traded at $28.2330. 55,820 shares traded hands during trading, a decline of 80% from the average session volume of 283,016 shares. The stock had previously closed at $29.47.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. DA Davidson reaffirmed a “neutral” rating and set a $30.00 price target on shares of Malibu Boats in a research note on Monday, June 15th. Zacks Research downgraded Malibu Boats from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Malibu Boats in a research report on Friday, August 7th. Wall Street Zen raised shares of Malibu Boats from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Truist Financial increased their price target on shares of Malibu Boats from $31.00 to $34.00 and gave the company a “hold” rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $31.60.

Malibu Boats Trading Down 3.6%

The business has a 50 day simple moving average of $27.88 and a two-hundred day simple moving average of $27.52. The company has a current ratio of 1.31, a quick ratio of 0.44 and a debt-to-equity ratio of 0.32. The company has a market cap of $558.17 million, a PE ratio of -473.08 and a beta of 1.13.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System lifted its holdings in shares of Malibu Boats by 2,556.0% during the 2nd quarter. California State Teachers Retirement System now owns 484,304 shares of the company’s stock valued at $13,284,000 after acquiring an additional 466,070 shares in the last quarter. AXQ Capital LP acquired a new position in Malibu Boats in the 2nd quarter worth $272,000. Public Employees Retirement System of Ohio acquired a new stake in Malibu Boats during the 2nd quarter valued at approximately $35,000. Cullen Capital Management LLC bought a new stake in shares of Malibu Boats in the second quarter worth $349,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Malibu Boats in the 2nd quarter worth about $2,384,000. 91.35% of the stock is owned by institutional investors and hedge funds.

Malibu Boats Company Profile

Malibu Boats, Inc is a leading designer, manufacturer and distributor of performance sport boats for the recreational boating market. The company’s product portfolio includes the premium Malibu® brand and the value-oriented Axis® Wake Research line, as well as Cobalt® boats following its 2020 acquisition. Malibu’s vessels are engineered to serve water-sports enthusiasts, with models optimized for wakeboarding, wakesurfing and waterskiing.

Founded in 1982 by water-sports enthusiast Jack Springer, Malibu Boats is headquartered in Loudon, Tennessee.