Exchange Traded Concepts LLC Cuts Stake in Malibu Boats, Inc. (NASDAQ:MBUU)

Exchange Traded Concepts LLC reduced its holdings in shares of Malibu Boats, Inc. (NASDAQ:MBUU) by 20.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,666 shares of the company’s stock after selling 1,935 shares during the period. Exchange Traded Concepts LLC’s holdings in Malibu Boats were worth $298,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Wellington Management Group LLP grew its holdings in shares of Malibu Boats by 315.0% during the 4th quarter. Wellington Management Group LLP now owns 64,741 shares of the company’s stock valued at $3,549,000 after purchasing an additional 49,141 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of Malibu Boats by 7.2% during the first quarter. Bessemer Group Inc. now owns 307,486 shares of the company’s stock valued at $13,307,000 after buying an additional 20,700 shares during the period. PAX Financial Group LLC purchased a new position in shares of Malibu Boats during the first quarter valued at approximately $579,000. Assenagon Asset Management S.A. bought a new position in shares of Malibu Boats during the second quarter valued at approximately $3,667,000. Finally, Lord Abbett & CO. LLC lifted its stake in Malibu Boats by 231.4% in the first quarter. Lord Abbett & CO. LLC now owns 312,731 shares of the company’s stock worth $13,535,000 after acquiring an additional 218,378 shares during the period. 91.35% of the stock is owned by hedge funds and other institutional investors.

Malibu Boats Price Performance

Shares of NASDAQ:MBUU opened at $43.21 on Monday. The firm has a market capitalization of $883.21 million, a P/E ratio of -16.18 and a beta of 1.38. The business’s 50-day moving average is $37.72 and its 200 day moving average is $36.56. Malibu Boats, Inc. has a 1 year low of $30.20 and a 1 year high of $56.03.

Malibu Boats (NASDAQ:MBUU) last issued its earnings results on Thursday, August 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.07). The business had revenue of $158.70 million for the quarter, compared to analysts’ expectations of $157.54 million. Malibu Boats had a positive return on equity of 6.21% and a negative net margin of 6.74%. The company’s revenue for the quarter was down 57.4% on a year-over-year basis. During the same period last year, the business earned $2.96 EPS. On average, analysts expect that Malibu Boats, Inc. will post 1.98 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MBUU shares. StockNews.com lowered shares of Malibu Boats from a “hold” rating to a “sell” rating in a research note on Friday, August 30th. B. Riley dropped their price target on Malibu Boats from $39.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Truist Financial restated a “hold” rating and set a $32.00 target price on shares of Malibu Boats in a research report on Monday, July 8th. Finally, DA Davidson restated a “buy” rating and issued a $45.00 price target on shares of Malibu Boats in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $40.00.

Malibu Boats Profile

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.