Malibu Boats, Inc. (NASDAQ:MBUU – Get Free Report) shares were down 4.2% during trading on Tuesday . The company traded as low as $28.44 and last traded at $28.2330. Approximately 55,820 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 283,016 shares. The stock had previously closed at $29.47.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on MBUU shares. Zacks Research cut Malibu Boats from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 9th. Truist Financial boosted their price objective on Malibu Boats from $31.00 to $34.00 and gave the company a “hold” rating in a research note on Monday, July 6th. DA Davidson reissued a “neutral” rating and issued a $30.00 target price on shares of Malibu Boats in a report on Monday, June 15th. Wall Street Zen upgraded shares of Malibu Boats from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Malibu Boats in a report on Friday, August 7th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $31.60.
Get Our Latest Stock Analysis on Malibu Boats
Malibu Boats Price Performance
Hedge Funds Weigh In On Malibu Boats
A number of hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System grew its position in shares of Malibu Boats by 2,556.0% during the second quarter. California State Teachers Retirement System now owns 484,304 shares of the company’s stock worth $13,284,000 after purchasing an additional 466,070 shares in the last quarter. AXQ Capital LP bought a new stake in Malibu Boats during the 2nd quarter valued at approximately $272,000. Public Employees Retirement System of Ohio purchased a new position in Malibu Boats in the 2nd quarter worth approximately $35,000. Cullen Capital Management LLC purchased a new position in Malibu Boats in the 2nd quarter worth approximately $349,000. Finally, Bank of New York Mellon Corp bought a new position in Malibu Boats in the 2nd quarter worth approximately $2,384,000. Institutional investors own 91.35% of the company’s stock.
About Malibu Boats
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.
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