Holley (NYSE:HLLY) Stock Price Down 3.9% – Here’s What Happened

Holley Inc. (NYSE:HLLY) shares fell 3.9% during mid-day trading on Wednesday . The company traded as low as $2.84 and last traded at $2.8550. 303,273 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 853,702 shares. The stock had previously closed at $2.97.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on HLLY. Canaccord Genuity Group boosted their price target on shares of Holley from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, February 18th. DA Davidson set a $4.50 price objective on shares of Holley in a research note on Thursday, March 5th. Weiss Ratings upgraded shares of Holley from a “sell (d)” rating to a “hold (c)” rating in a report on Monday. Finally, Telsey Advisory Group reissued an “outperform” rating and set a $5.00 target price on shares of Holley in a research report on Thursday, March 5th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $4.67.

Holley Stock Down 1.7%

The company has a market cap of $687.86 million, a P/E ratio of 19.46 and a beta of 1.32. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.75 and a quick ratio of 0.96. The stock has a fifty day moving average price of $3.83 and a two-hundred day moving average price of $3.69.

Holley (NYSE:HLLY) last announced its quarterly earnings results on Wednesday, March 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.05). The company had revenue of $155.44 million for the quarter, compared to the consensus estimate of $142.76 million. Holley had a return on equity of 4.84% and a net margin of 3.13%. On average, research analysts expect that Holley Inc. will post 0.12 EPS for the current year.

Institutional Trading of Holley

Institutional investors and hedge funds have recently made changes to their positions in the company. Cerity Partners LLC bought a new position in shares of Holley during the second quarter valued at about $25,000. Schonfeld Strategic Advisors LLC bought a new stake in Holley in the 3rd quarter worth about $34,000. State of Alaska Department of Revenue purchased a new stake in Holley in the 4th quarter valued at about $35,000. Sherbrooke Park Advisers LLC purchased a new stake in Holley in the 3rd quarter valued at about $38,000. Finally, Captrust Financial Advisors bought a new position in shares of Holley during the 2nd quarter worth approximately $44,000. Hedge funds and other institutional investors own 39.70% of the company’s stock.

Holley Company Profile

Holley Inc is a designer, manufacturer and marketer of high‐performance automotive products for the enthusiast market. Through its portfolio of well‐known brands, the company develops fuel delivery systems, intake manifolds, ignition components, nitrous oxide systems, digital controls and other engine‐dress accessories tailored to both street and competition applications. Holley’s products are sold through a network of domestic and international distributors, retailers and directly to professional race teams and hobbyists.

The company’s product offerings span mechanical and electronic fuel injection, carburetion, engine management, add‐on power systems and calibration tools.