Canaccord Genuity Group Issues Pessimistic Forecast for Holley (NYSE:HLLY) Stock Price

Holley (NYSE:HLLY) had its target price dropped by stock analysts at Canaccord Genuity Group from $8.00 to $7.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 177.23% from the company’s previous close.

Other analysts have also issued research reports about the company. Weiss Ratings lowered Holley from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday. Raymond James Financial set a $4.00 price objective on Holley in a research report on Thursday. DA Davidson set a $4.50 price objective on Holley in a research note on Thursday, March 5th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $5.00 target price on shares of Holley in a report on Thursday, March 5th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Holley presently has an average rating of “Moderate Buy” and an average target price of $5.00.

Holley Stock Performance

HLLY traded down $0.35 during trading on Thursday, hitting $2.53. The company’s stock had a trading volume of 1,875,861 shares, compared to its average volume of 799,906. The business’s 50 day simple moving average is $3.26 and its 200-day simple moving average is $3.68. The firm has a market cap of $305.37 million, a PE ratio of 16.83 and a beta of 1.40. Holley has a one year low of $1.60 and a one year high of $4.48. The company has a quick ratio of 0.96, a current ratio of 2.75 and a debt-to-equity ratio of 1.15.

Holley (NYSE:HLLY) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. The firm had revenue of $147.33 million during the quarter, compared to the consensus estimate of $153.51 million. Holley had a net margin of 3.13% and a return on equity of 4.84%. As a group, sell-side analysts predict that Holley will post 0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Holley

Several large investors have recently made changes to their positions in the business. Empowered Funds LLC raised its stake in Holley by 8.1% during the 1st quarter. Empowered Funds LLC now owns 283,049 shares of the company’s stock valued at $727,000 after purchasing an additional 21,121 shares during the period. Geode Capital Management LLC boosted its stake in Holley by 9.0% in the 2nd quarter. Geode Capital Management LLC now owns 1,320,321 shares of the company’s stock worth $2,641,000 after purchasing an additional 108,964 shares during the period. JPMorgan Chase & Co. boosted its stake in Holley by 195.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 77,512 shares of the company’s stock worth $155,000 after purchasing an additional 51,247 shares during the period. Rhumbline Advisers grew its holdings in Holley by 51.1% during the 2nd quarter. Rhumbline Advisers now owns 103,287 shares of the company’s stock valued at $207,000 after buying an additional 34,914 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in Holley by 10.0% during the 2nd quarter. American Century Companies Inc. now owns 118,727 shares of the company’s stock valued at $237,000 after buying an additional 10,767 shares in the last quarter. 39.70% of the stock is currently owned by hedge funds and other institutional investors.

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.