Holley (NYSE:HLLY) Given Buy Rating at Canaccord Genuity Group

Holley (NYSE:HLLY)‘s stock had its “buy” rating reaffirmed by research analysts at Canaccord Genuity Group in a research note issued to investors on Monday,Benzinga reports. They presently have a $7.00 target price on the stock. Canaccord Genuity Group’s price target points to a potential upside of 185.13% from the stock’s current price.

HLLY has been the topic of several other reports. Raymond James Financial set a $4.00 price objective on shares of Holley in a report on Thursday, May 7th. Wall Street Zen downgraded shares of Holley from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Benchmark reduced their price objective on shares of Holley from $4.50 to $4.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Telsey Advisory Group reissued an “outperform” rating and set a $5.00 target price on shares of Holley in a report on Thursday, March 5th. Finally, Weiss Ratings cut shares of Holley from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, June 17th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.90.

Holley Price Performance

Shares of NYSE HLLY opened at $2.46 on Monday. The company has a current ratio of 3.17, a quick ratio of 1.07 and a debt-to-equity ratio of 1.16. The stock has a fifty day simple moving average of $2.77 and a two-hundred day simple moving average of $3.43. Holley has a 1-year low of $1.98 and a 1-year high of $4.48. The firm has a market cap of $298.18 million, a price-to-earnings ratio of 13.04 and a beta of 1.32.

Holley (NYSE:HLLY) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. Holley had a return on equity of 5.46% and a net margin of 3.89%.The firm had revenue of $147.33 million for the quarter, compared to analysts’ expectations of $152.06 million. Analysts anticipate that Holley will post 0.31 earnings per share for the current year.

Holley declared that its board has approved a share repurchase plan on Tuesday, May 26th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the company to purchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Holley

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Owl Capital Holdings LP increased its holdings in shares of Holley by 18.2% in the third quarter. Blue Owl Capital Holdings LP now owns 4,862,361 shares of the company’s stock worth $15,268,000 after purchasing an additional 750,000 shares during the period. Roubaix Capital LLC purchased a new position in Holley during the third quarter worth about $2,431,000. Advisory Research Inc. bought a new position in Holley in the 3rd quarter worth about $7,065,000. Intrinsic Edge Capital Management LLC bought a new position in Holley in the 3rd quarter worth about $567,000. Finally, Hillsdale Investment Management Inc. raised its holdings in shares of Holley by 76,322.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 1,910,561 shares of the company’s stock valued at $7,891,000 after acquiring an additional 1,908,061 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.