Maven Securities Reduces Under Armour Holdings by 44.4%

Maven Securities LTD has significantly reduced its stake in Under Armour, Inc. (NYSE: UAA), cutting its holdings by 44.4% during the second quarter of 2023. According to its latest filing with the Securities and Exchange Commission, the firm now owns 147,577 shares of Under Armour after selling 117,634 shares during this period. The value of Maven’s remaining holdings is approximately $1,008,000.

This adjustment follows a trend among other institutional investors. For instance, Fuller & Thaler Asset Management Inc. increased its investment in Under Armour by 17.5% in the first quarter, now holding 6,494,339 shares valued at $40,590,000. Similarly, American Century Companies Inc. raised its position by 9.2% in the second quarter, bringing its total to 5,970,726 shares, worth $40,780,000.

Charles Schwab Investment Management Inc. also expanded its stake by 4.8%, now owning 5,047,630 shares valued at $31,548,000. In another notable move, T. Rowe Price Investment Management Inc. increased its holdings by 17.2%, owning 3,997,850 shares worth $24,987,000. Meanwhile, Marshall Wace LLP made the most substantial increase, lifting its stake by 109.3% to 2,944,567 shares, valued at $20,111,000. Institutional investors now collectively own 34.58% of Under Armour’s stock.

Current Stock Performance and Analyst Insights

As of Tuesday, shares of Under Armour opened at $4.36. The stock has experienced fluctuations over the past year, with a fifty-two week low of $4.13 and a high of $10.53. Key financial indicators include a quick ratio of 1.10, a current ratio of 1.69, and a debt-to-equity ratio of 0.32. The market capitalization stands at $1.87 billion, with a price-to-earnings (P/E) ratio of -20.74.

Several analysts have weighed in on Under Armour’s stock in recent weeks. The Telsey Advisory Group set a price target of $5.00 on November 14, 2023. Meanwhile, Robert W. Baird reduced its target from $7.00 to $6.00 while maintaining a “neutral” rating. UBS Group reaffirmed a “buy” rating and raised its price target to $8.00 from $7.50. Conversely, Wall Street Zen downgraded Under Armour from a “hold” to a “sell” rating.

Currently, the consensus rating for Under Armour reflects a mix of sentiment, with three analysts offering a “buy” rating, eighteen opting for “hold,” and four suggesting a “sell” rating. According to MarketBeat.com, the average target price for the stock is $6.58.

Company Overview

Under Armour, Inc., along with its subsidiaries, specializes in the development, marketing, and distribution of performance apparel, footwear, and accessories for men, women, and youth. The company offers a range of apparel options, including compression, fitted, and loose fit styles. Its footwear line caters to various activities such as running, training, basketball, and outdoor sports.

As the company navigates market fluctuations and investor sentiment, its ongoing strategies and performance will be closely monitored by stakeholders and analysts alike.