Holley (NYSE:HLLY) Share Price Breaks Above 50-Day Moving Average Following Analyst Downgrade

Shares of Holley Inc. (NYSE:HLLY) passed above its fifty day moving average during trading on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock has a fifty day moving average of $2.58 and traded as high as $2.62. Holley shares last traded at $2.6150, with a volume of 2,666,603 shares.

A number of other research analysts have also issued reports on HLLY. Freedom Capital raised 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 shares of Holley in a research note on Thursday, May 7th. Benchmark cut their price target on Holley from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price objective on shares of Holley in a research report on Monday, June 29th. Finally, Weiss Ratings lowered Holley from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 6th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $4.00.

Hedge Funds Weigh In On Holley

Several large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its position in shares of Holley by 1.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,823,903 shares of the company’s stock worth $30,749,000 after buying an additional 122,331 shares in the last quarter. BlackRock Inc. bought a new position in shares of Holley in the second quarter valued at approximately $14,361,000. Wasatch Advisors LP boosted its holdings in shares of Holley by 35.1% in the second quarter. Wasatch Advisors LP now owns 4,887,038 shares of the company’s stock valued at $12,462,000 after acquiring an additional 1,269,256 shares in the last quarter. Blue Owl Capital Holdings LP acquired a new position in shares of Holley during the second quarter valued at approximately $11,161,000. Finally, Bamco Inc. NY acquired a new position in shares of Holley during the second quarter valued at approximately $8,288,000. Institutional investors and hedge funds own 39.70% of the company’s stock.

Holley Stock Up 24.5%

The firm has a market cap of $317.02 million, a price-to-earnings ratio of 17.43 and a beta of 1.44. The stock’s 50 day moving average is $2.58 and its 200 day moving average is $2.97. 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 earnings results on Thursday, November 5th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The firm had revenue of $141.56 million during the quarter, compared to analyst estimates of $145.80 million. Holley had a return on equity of 8.41% and a net margin of 1.68%. Analysts forecast that Holley Inc. will post 0.39 EPS for the current year.

About Holley

Holley Inc is an automotive aftermarket company that designs, manufactures and distributes performance products for cars, trucks, powersports vehicles and other enthusiast applications. Its offerings include fuel systems, engine and ignition components, exhaust products, suspension and driveline components, electronic controls, vehicle accessories and safety equipment.

The company serves do-it-yourself consumers, professional installers, racing teams, automotive enthusiasts and original equipment manufacturers through a portfolio of established aftermarket brands.