Malibu Boats Inc. (NASDAQ:MBUU) shares dropped 6.7% on Tuesday . The stock traded as low as $12.87 and last traded at $12.88, with a volume of 89,188 shares. The stock had previously closed at $13.81.

MBUU has been the subject of several recent analyst reports. BMO Capital Markets downgraded Malibu Boats from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 10th. Zacks Investment Research upgraded Malibu Boats from a “sell” rating to a “hold” rating in a research note on Wednesday, April 27th. B. Riley restated a “buy” rating and issued a $22.00 price target on shares of Malibu Boats in a research note on Tuesday, May 10th. Finally, Wunderlich dropped their price target on Malibu Boats from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, May 4th.

The stock has a 50 day moving average of $13.04 and a 200 day moving average of $14.31. The stock has a market cap of $230.80 million and a price-to-earnings ratio of 11.30.

A hedge fund recently raised its stake in Malibu Boats stock. Wells Fargo & Company MN boosted its stake in Malibu Boats Inc. (NASDAQ:MBUU) by 20.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 669,294 shares of the company’s stock after buying an additional 115,823 shares during the period. Wells Fargo & Company MN owned 3.72% of Malibu Boats worth $10,956,000 as of its most recent SEC filing.

Malibu Boats, Inc is a designer, manufacturer and marketer of performance sport boats. The Company’s boats are used for water sports, including water skiing, wakeboarding and wake surfing, as well as general recreational boating. The Company sells its boats under two brands: Malibu and Axis. Its flagship Malibu brand boats are designed for consumers seeking a premium boating experience.

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