Holley Inc. (NYSE:HLLY) Receives $4.90 Consensus Target Price from Analysts

Shares of Holley Inc. (NYSE:HLLY) have earned a consensus rating of “Moderate Buy” from the seven research firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $4.90.

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

Hedge Funds Weigh In On Holley

Hedge funds have recently modified their holdings of the stock. ProShare Advisors LLC boosted its stake in Holley by 37.1% in the 4th quarter. ProShare Advisors LLC now owns 13,961 shares of the company’s stock valued at $58,000 after buying an additional 3,777 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new position in Holley during the first quarter worth $35,000. R Squared Ltd raised its stake in Holley by 122.4% during the first quarter. R Squared Ltd now owns 33,606 shares of the company’s stock worth $103,000 after acquiring an additional 18,497 shares in the last quarter. Hillsdale Investment Management Inc. lifted its holdings in shares of Holley by 1.0% during the first quarter. Hillsdale Investment Management Inc. now owns 1,929,461 shares of the company’s stock valued at $5,923,000 after acquiring an additional 18,900 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in Holley during the 2nd quarter valued at about $52,000. 39.70% of the stock is owned by institutional investors and hedge funds.

Holley Stock Down 3.6%

Shares of HLLY opened at $2.56 on Friday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.39 and a current ratio of 3.06. The company has a 50-day simple moving average of $2.85 and a 200-day simple moving average of $2.86. Holley has a 52 week low of $2.33 and a 52 week high of $4.48. The firm has a market capitalization of $309.74 million, a P/E ratio of 31.94 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, beating the consensus estimate of $0.12 by $0.08. Holley had a return on equity of 8.41% and a net margin of 1.68%.The firm had revenue of $172.01 million for the quarter, compared to analyst estimates of $172.63 million. On average, equities research analysts expect that Holley will post 0.39 earnings per share for the current year.

Holley declared that its board has initiated a stock 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 shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

About Holley

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.