Malibu Boats, Inc. (NASDAQ:MBUU) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC decreased its stake in shares of Malibu Boats, Inc. (NASDAQ:MBUU) by 20.2% during the 3rd quarter, Holdings Channel.com reports. The firm 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 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Pzena Investment Management LLC acquired a new stake in Malibu Boats in the second quarter valued at approximately $51,800,000. Dimensional Fund Advisors LP increased its position in shares of Malibu Boats by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,131,877 shares of the company’s stock valued at $39,661,000 after purchasing an additional 111,699 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Malibu Boats by 94.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 843,605 shares of the company’s stock valued at $29,560,000 after purchasing an additional 409,574 shares in the last quarter. Lord Abbett & CO. LLC lifted its position in shares of Malibu Boats by 231.4% during the 1st quarter. Lord Abbett & CO. LLC now owns 312,731 shares of the company’s stock worth $13,535,000 after purchasing an additional 218,378 shares during the last quarter. Finally, Bessemer Group Inc. grew 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 worth $13,307,000 after purchasing an additional 20,700 shares in the last quarter. Institutional investors and hedge funds own 91.35% of the company’s stock.

Malibu Boats Price Performance

Shares of Malibu Boats stock opened at $43.21 on Monday. The firm’s fifty day simple moving average is $37.72 and its 200-day simple moving average is $36.56. Malibu Boats, Inc. has a 12 month low of $30.20 and a 12 month high of $56.03. The stock has a market capitalization of $883.21 million, a price-to-earnings ratio of -16.18 and a beta of 1.38.

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

Analyst Upgrades and Downgrades

MBUU has been the subject of a number of recent analyst reports. B. Riley decreased their price target on Malibu Boats from $39.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Truist Financial reaffirmed a “hold” rating and issued a $32.00 price target on shares of Malibu Boats in a report on Monday, July 8th. DA Davidson reissued a “buy” rating and set a $45.00 price objective on shares of Malibu Boats in a report on Tuesday, September 10th. Finally, StockNews.com cut shares of Malibu Boats from a “hold” rating to a “sell” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $40.00.

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.