Envestnet Asset Management Inc. Sells 70,856 Shares of Malibu Boats, Inc. (NASDAQ:MBUU)

Envestnet Asset Management Inc. trimmed its holdings in shares of Malibu Boats, Inc. (NASDAQ:MBUU - Free Report) by 76.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,410 shares of the company's stock after selling 70,856 shares during the quarter. Envestnet Asset Management Inc. owned 0.11% of Malibu Boats worth $805,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in MBUU. Barclays PLC grew its stake in Malibu Boats by 92.6% in the third quarter. Barclays PLC now owns 46,919 shares of the company's stock valued at $1,820,000 after purchasing an additional 22,556 shares in the last quarter. Central Pacific Bank Trust Division grew its stake in shares of Malibu Boats by 11.3% in the fourth quarter. Central Pacific Bank Trust Division now owns 3,626 shares of the company's stock valued at $136,000 after buying an additional 368 shares in the last quarter. Fort Washington Investment Advisors Inc. OH increased its holdings in Malibu Boats by 15.8% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 394,288 shares of the company's stock worth $14,821,000 after buying an additional 53,907 shares during the last quarter. SG Americas Securities LLC lifted its stake in Malibu Boats by 52.6% in the fourth quarter. SG Americas Securities LLC now owns 7,951 shares of the company's stock valued at $299,000 after acquiring an additional 2,739 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its position in shares of Malibu Boats by 4.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 7,977 shares of the company's stock valued at $300,000 after acquiring an additional 311 shares during the period. 91.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on MBUU shares. B. Riley upgraded Malibu Boats to a "hold" rating in a report on Wednesday, February 12th. KeyCorp downgraded Malibu Boats from an "overweight" rating to a "sector weight" rating in a report on Thursday, March 20th. Truist Financial decreased their price objective on shares of Malibu Boats from $38.00 to $28.00 and set a "hold" rating on the stock in a report on Monday, April 14th. Robert W. Baird reiterated a "neutral" rating and issued a $32.00 price target (down previously from $50.00) on shares of Malibu Boats in a research note on Friday, April 4th. Finally, StockNews.com upgraded shares of Malibu Boats from a "sell" rating to a "hold" rating in a research report on Tuesday, April 15th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $38.17.

Malibu Boats Price Performance

Shares of MBUU traded up $0.74 during trading hours on Wednesday, hitting $29.85. 78,914 shares of the company were exchanged, compared to its average volume of 214,331. The company has a market cap of $586.10 million, a price-to-earnings ratio of -6.86 and a beta of 1.23. The firm's fifty day moving average is $29.34 and its 200 day moving average is $35.84. Malibu Boats, Inc. has a fifty-two week low of $24.43 and a fifty-two week high of $47.82. The company has a quick ratio of 0.45, a current ratio of 1.52 and a debt-to-equity ratio of 0.04.

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.