Holley (NYSE:HLLY) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Holley (NYSE:HLLY) from a hold rating to a buy rating in a report published on Saturday.

HLLY has been the topic of several other research reports. Raymond James Financial set a $4.00 price target on Holley in a report on Thursday, May 7th. Benchmark cut their price objective on shares of Holley from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Weiss Ratings downgraded shares of Holley from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday. 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. Finally, Freedom Capital raised shares of Holley to a “strong-buy” rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.90.

Holley Trading Up 5.5%

Shares of NYSE HLLY opened at $3.17 on Friday. The business’s 50 day moving average is $2.60 and its two-hundred day moving average is $3.12. The company has a debt-to-equity ratio of 1.16, a current ratio of 3.17 and a quick ratio of 1.07. Holley has a 1-year low of $2.33 and a 1-year high of $4.48. The stock has a market capitalization of $385.64 million, a P/E ratio of 39.69 and a beta of 1.31.

Holley (NYSE:HLLY) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. The business had revenue of $172.01 million for the quarter, compared to the consensus estimate of $172.63 million. Holley had a return on equity of 8.42% and a net margin of 1.68%. As a group, research analysts expect that Holley will post 0.39 EPS for the current year.

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

Hedge Funds Weigh In On Holley

Several hedge funds have recently bought and sold shares of the business. Cerity Partners LLC purchased a new stake in Holley in the second quarter worth $25,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Holley during the third quarter valued at $34,000. Chicago Partners Investment Group LLC bought a new position in shares of Holley in the first quarter worth about $35,000. State of Alaska Department of Revenue bought a new position in shares of Holley in the fourth quarter worth about $35,000. Finally, Sherbrooke Park Advisers LLC purchased a new position in Holley in the 3rd quarter worth about $38,000. Institutional investors own 39.70% of the company’s stock.

About Holley

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.