Bank of America Corp DE Purchases 105,734 Shares of Malibu Boats, Inc. $MBUU

Bank of America Corp DE lifted its position in shares of Malibu Boats, Inc. (NASDAQ:MBUU - Free Report) by 44.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 343,042 shares of the company's stock after purchasing an additional 105,734 shares during the period. Bank of America Corp DE owned 1.75% of Malibu Boats worth $8,892,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Intesa Sanpaolo Wealth Management purchased a new stake in Malibu Boats in the 4th quarter valued at about $31,000. BNP Paribas Financial Markets grew its holdings in shares of Malibu Boats by 43.3% in the second quarter. BNP Paribas Financial Markets now owns 2,128 shares of the company's stock valued at $67,000 after acquiring an additional 643 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Malibu Boats by 346.3% during the second quarter. Tower Research Capital LLC TRC now owns 2,321 shares of the company's stock valued at $73,000 after acquiring an additional 1,801 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Malibu Boats by 108.5% during the fourth quarter. Russell Investments Group Ltd. now owns 3,301 shares of the company's stock valued at $93,000 after acquiring an additional 1,718 shares during the last quarter. Finally, Strs Ohio bought a new stake in Malibu Boats during the first quarter worth $123,000. 91.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. DA Davidson reissued a "neutral" rating and issued a $30.00 price objective on shares of Malibu Boats in a research report on Monday, June 15th. Truist Financial lifted their target price on Malibu Boats from $31.00 to $34.00 and gave the stock a "hold" rating in a research note on Monday, July 6th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Malibu Boats in a research note on Friday, August 7th. Wall Street Zen raised shares of Malibu Boats from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Zacks Research lowered shares of Malibu Boats from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Malibu Boats has an average rating of "Hold" and a consensus target price of $31.60.

Malibu Boats Price Performance

MBUU opened at $29.47 on Tuesday. The firm has a 50-day moving average price of $27.88 and a 200-day moving average price of $27.52. Malibu Boats, Inc. has a twelve month low of $23.84 and a twelve month high of $39.65. The company has a quick ratio of 0.44, a current ratio of 1.31 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $578.79 million, a price-to-earnings ratio of -491.17 and a beta of 1.13.

Malibu Boats Profile

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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