Brokerages Set Holley Inc. (NYSE:HLLY) PT at $4.90

Shares of Holley Inc. (NYSE:HLLY) have received an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $4.90.

A number of equities research analysts have recently weighed in on HLLY shares. Canaccord Genuity Group restated a “buy” rating and issued a $7.00 price objective on shares of Holley in a report on Monday, June 29th. Zacks Research upgraded Holley from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Freedom Capital downgraded Holley from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Wall Street Zen upgraded shares of Holley from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings cut shares of Holley from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 6th.

Holley Stock Down 3.9%

HLLY stock opened at $2.62 on Friday. The company’s 50 day moving average price is $2.84 and its 200 day moving average price is $2.89. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.39 and a current ratio of 3.06. Holley has a fifty-two week low of $2.33 and a fifty-two week high of $4.48. The firm has a market capitalization of $317.02 million, a price-to-earnings ratio of 32.69 and a beta of 1.32.

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

Holley declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 26th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Holley

A number of hedge funds and other institutional investors have recently made changes to their positions in HLLY. ProShare Advisors LLC grew its position in shares of Holley by 37.1% during the fourth quarter. ProShare Advisors LLC now owns 13,961 shares of the company’s stock worth $58,000 after acquiring an additional 3,777 shares during the last quarter. Chicago Partners Investment Group LLC purchased a new stake in Holley in the 1st quarter valued at $35,000. R Squared Ltd raised its position in Holley by 122.4% in the 1st quarter. R Squared Ltd now owns 33,606 shares of the company’s stock valued at $103,000 after purchasing an additional 18,497 shares during the last quarter. Hillsdale Investment Management Inc. boosted its stake in Holley by 1.0% during the 1st quarter. Hillsdale Investment Management Inc. now owns 1,929,461 shares of the company’s stock worth $5,923,000 after purchasing an additional 18,900 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new stake in Holley during the 2nd quarter worth $52,000. Institutional investors and hedge funds own 39.70% of the company’s stock.

Holley Company Profile

Holley Inc (NYSE:HLLY) is an automotive aftermarket company that designs, manufactures and distributes performance products for cars, trucks, powersports vehicles and racing applications. Its offerings are intended for automotive enthusiasts, professional racers, installers and do-it-yourself customers seeking to improve vehicle performance, appearance, sound and functionality.

The company’s product portfolio includes fuel systems and electronic fuel injection systems, carburetors, ignition components, engine-management products, tuners, exhaust systems, headers, intake systems, suspension components and other engine and vehicle accessories.