AlphaQuest LLC has significantly increased its investment in MarineMax, Inc. (NYSE:HZO), raising its stake by **504.7%** during the second quarter of 2023. According to its latest **13F filing** with the **Securities and Exchange Commission**, the institutional investor now holds **20,548 shares** of the specialty retailer, having acquired an additional **17,150 shares** in the quarter. This brings the total value of AlphaQuest’s holdings in MarineMax to approximately **$517,000**, accounting for around **0.10%** of the company’s total stock.
Several other institutional investors have also adjusted their investments in MarineMax recently. The **State of Wyoming** entered the market with a new stake valued at about **$41,000** during the first quarter. Similarly, **Jones Financial Companies Lllp** acquired shares worth approximately **$168,000** in the same period. Notably, **MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.** increased its position by **4.4%**, owning **12,921 shares** worth **$278,000** after purchasing an additional **546 shares**.
**Jump Financial LLC** also expanded its investment, growing its holdings by **23.0%** to **13,040 shares**, valued at **$280,000** after acquiring **2,440 additional shares**. Finally, **Nexpoint Asset Management L.P.** saw the most substantial increase, boosting its stake by **75.7%** to **21,000 shares** worth **$452,000** after purchasing **9,045 shares** during the quarter. Collectively, institutional investors and hedge funds now own **92.85%** of MarineMax’s stock.
Stock Performance and Analyst Ratings
On Wednesday, MarineMax’s stock opened at **$27.42**. The company has a **market capitalization** of **$588.50 million**, with a **price-to-earnings (PE) ratio** of **-20.46** and a **beta** of **1.53**. The fifty-day simple moving average stands at **$26.17**, while the 200-day average is at **$24.40**. The stock has shown volatility, with a **12-month low** of **$16.85** and a **12-month high** of **$35.46**.
Recent commentary from equity research analysts reflects a mixed outlook on MarineMax. **Weiss Ratings** reiterated a “**sell (d)**” rating on the stock on **October 8, 2023**, while **B. Riley** maintained a “**buy**” rating on **July 25, 2023**. In a contrasting move, **Wall Street Zen** downgraded the stock from a “**hold**” to a “**sell**” rating on **July 26, 2023**, and **Zacks Research** followed suit by downgrading it to a “**strong sell**” on **October 22, 2023**.
**Truist Financial** recently adjusted its price target on MarineMax, raising it from **$26.00** to **$29.00**, affirming a “**buy**” rating in a report on **October 15, 2023**. Currently, five analysts rate the stock as a **buy**, while two recommend a **sell**, resulting in an average rating of “**hold**” with a target price of **$34.00**.
Company Overview
MarineMax, Inc. operates as a leading retailer of recreational boats and yachts, as well as a provider of superyacht services in the United States. The company is divided into two segments: **Retail Operations** and **Product Manufacturing**. MarineMax specializes in selling a variety of new and used recreational boats, including pleasure crafts, fishing boats, mega-yachts, sport cruisers, motor yachts, and pontoon boats.
As the market for recreational boating continues to evolve, MarineMax’s strong institutional backing may position it well for future growth amidst a competitive landscape. For investors and stakeholders, the recent movements in shareholdings and analyst ratings highlight the ongoing interest and scrutiny surrounding this prominent player in the boating industry.
