Shellback Capital LP Sells 90,000 Shares of Malibu Boats, Inc. (NASDAQ:MBUU)

Shellback Capital LP trimmed its stake in Malibu Boats, Inc. (NASDAQ:MBUU) by 35.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 162,329 shares of the company’s stock after selling 90,000 shares during the period. Shellback Capital LP’s holdings in Malibu Boats were worth $5,688,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MBUU. Studio Investment Management LLC raised its position in shares of Malibu Boats by 264.4% in the second quarter. Studio Investment Management LLC now owns 707 shares of the company’s stock valued at $25,000 after purchasing an additional 513 shares during the period. EntryPoint Capital LLC acquired a new position in Malibu Boats in the 1st quarter valued at $84,000. Central Pacific Bank Trust Division bought a new position in Malibu Boats in the 1st quarter worth $142,000. Benjamin Edwards Inc. raised its holdings in Malibu Boats by 36.5% in the 1st quarter. Benjamin Edwards Inc. now owns 3,573 shares of the company’s stock worth $155,000 after acquiring an additional 955 shares during the period. Finally, SG Americas Securities LLC acquired a new position in Malibu Boats during the 2nd quarter worth $139,000. 91.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Malibu Boats Trading Up 1.9 %

Shares of NASDAQ:MBUU opened at $38.33 on Friday. The firm has a market capitalization of $783.47 million, a PE ratio of -14.36 and a beta of 1.38. Malibu Boats, Inc. has a 1-year low of $30.20 and a 1-year high of $56.03. The business’s 50 day moving average is $36.41 and its 200-day moving average is $36.68.

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

Malibu Boats Company 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.