Holley (NYSE:HLLY) Stock Rating Upgraded by Wall Street Zen

Holley (NYSE:HLLY) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Several other brokerages have also recently issued reports on HLLY. Canaccord Genuity Group restated a “buy” rating and issued a $7.00 target price on shares of Holley in a report on Monday, June 29th. Freedom Capital upgraded shares of Holley to a “strong-buy” rating in a research note on Tuesday, July 7th. Raymond James Financial set a $4.00 price target on Holley in a report on Thursday, May 7th. Benchmark dropped their price target on Holley from $4.50 to $4.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Finally, Weiss Ratings lowered Holley from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Holley currently has a consensus rating of “Moderate Buy” and an average price target of $4.90.

Holley Price Performance

Shares of HLLY opened at $3.17 on Friday. Holley has a twelve month low of $2.33 and a twelve month high of $4.48. The company has a market capitalization of $385.64 million, a P/E ratio of 39.69 and a beta of 1.31. The firm has a 50 day moving average of $2.60 and a 200 day moving average of $3.11. The company has a quick ratio of 1.39, a current ratio of 3.06 and a debt-to-equity ratio of 1.15.

Holley (NYSE:HLLY) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.08. The business had revenue of $172.01 million for the quarter, compared to analysts’ expectations of $172.63 million. Holley had a return on equity of 8.41% and a net margin of 1.68%. As a group, equities research analysts anticipate that Holley will post 0.39 earnings per share for the current fiscal year.

Holley announced that its Board of Directors has initiated a share buyback program on Tuesday, May 26th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Holley

Several large investors have recently made changes to their positions in the business. Wasatch Advisors LP purchased a new position in Holley during the third quarter valued at $18,762,000. BlackRock Inc. purchased a new stake in Holley in the 2nd quarter worth $14,361,000. Boston Partners lifted its stake in Holley by 59.2% in the 3rd quarter. Boston Partners now owns 7,652,545 shares of the company’s stock worth $24,028,000 after purchasing an additional 2,845,009 shares in the last quarter. Hillsdale Investment Management Inc. boosted its holdings in shares of Holley by 76,322.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 1,910,561 shares of the company’s stock valued at $7,891,000 after purchasing an additional 1,908,061 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Holley during the 3rd quarter valued at about $3,435,000. 39.70% of the stock is currently owned by hedge funds and other institutional investors.

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.