William Blair Comments on Holley Inc.’s Q2 2024 Earnings (NYSE:HLLY)

Holley Inc. (NYSE:HLLY) – Research analysts at William Blair boosted their Q2 2024 earnings per share (EPS) estimates for shares of Holley in a research report issued on Wednesday, March 27th. William Blair analyst P. Blee now forecasts that the company will earn $0.14 per share for the quarter, up from their prior forecast of $0.13. The consensus estimate for Holley’s current full-year earnings is $0.33 per share. William Blair also issued estimates for Holley’s Q3 2024 earnings at $0.06 EPS, FY2024 earnings at $0.32 EPS and FY2025 earnings at $0.40 EPS.

Holley (NYSE:HLLY) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.01. Holley had a return on equity of 5.77% and a net margin of 2.91%. The firm had revenue of $155.70 million during the quarter, compared to the consensus estimate of $153.26 million. During the same period in the prior year, the firm earned ($0.19) EPS. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year.

Other analysts also recently issued reports about the company. Telsey Advisory Group restated an “outperform” rating and set a $9.00 target price on shares of Holley in a research note on Thursday, February 29th. Canaccord Genuity Group reduced their price target on shares of Holley from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. JPMorgan Chase & Co. cut shares of Holley from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $6.50 to $5.00 in a research report on Tuesday, February 20th. Benchmark reaffirmed a “buy” rating and set a $12.00 price target on shares of Holley in a research report on Thursday. Finally, Truist Financial reduced their price target on shares of Holley from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $7.75.

Holley Price Performance

Shares of Holley stock opened at $4.46 on Friday. The business has a 50-day moving average of $4.57 and a 200-day moving average of $4.56. The company has a debt-to-equity ratio of 1.31, a current ratio of 3.17 and a quick ratio of 1.12. The company has a market capitalization of $528.23 million, a PE ratio of 26.21 and a beta of 1.52. Holley has a 1-year low of $2.08 and a 1-year high of $8.06.

Insider Activity

In other Holley news, Director Graham Clempson purchased 59,076 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were bought at an average price of $4.18 per share, with a total value of $246,937.68. Following the completion of the acquisition, the director now owns 63,851 shares in the company, valued at approximately $266,897.18. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its stake in shares of Holley by 132.8% during the second quarter. PNC Financial Services Group Inc. now owns 6,061 shares of the company’s stock valued at $25,000 after acquiring an additional 3,457 shares during the period. Price T Rowe Associates Inc. MD acquired a new position in Holley in the first quarter worth approximately $28,000. Barclays PLC grew its position in Holley by 533.4% in the fourth quarter. Barclays PLC now owns 13,808 shares of the company’s stock worth $29,000 after buying an additional 11,628 shares during the last quarter. Cibc World Market Inc. acquired a new position in Holley in the 2nd quarter worth approximately $41,000. Finally, Tower Research Capital LLC TRC boosted its stake in Holley by 148.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 11,693 shares of the company’s stock worth $48,000 after purchasing an additional 6,978 shares during the period. Institutional investors and hedge funds own 39.70% of the company’s stock.

Holley Company Profile

Holley Inc operates as designer, manufacturer, and marketer of automotive aftermarket products for car and truck enthusiasts in the United States, Canada, Europe, and China. Its products span various automotive platforms and sells across multiple channels. The company's performance automotive products include carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, distributors, ignition components, engine tuners, automotive performance plumbing products; and exhaust products, as well as shifters, converters, transmission kits, transmissions, tuners, and automotive software.