Holley (NYSE:HLLY) Stock Price Target Lowered at Canaccord Genuity Group

Holley (NYSE:HLLY) had its price objective decreased by research analysts at Canaccord Genuity Group from $7.00 to $5.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group‘s target price indicates a potential upside of 136.41% from the stock’s current price.

A number of other brokerages also recently issued reports on HLLY. Wall Street Zen raised Holley from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. DA Davidson set a $3.00 target price on Holley in a research note on Friday. Zacks Research downgraded Holley from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Freedom Capital lowered Holley from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Holley in a report on Tuesday. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.20.

Holley Trading Down 1.2%

Shares of NYSE:HLLY traded down $0.03 during trading on Friday, reaching $2.12. The stock had a trading volume of 2,407,917 shares, compared to its average volume of 936,660. Holley has a 52 week low of $2.05 and a 52 week high of $4.48. The firm’s fifty day moving average is $2.60 and its 200 day moving average is $2.98. The stock has a market cap of $256.41 million, a price-to-earnings ratio of 26.69 and a beta of 1.44. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.39 and a current ratio of 3.06.

Holley (NYSE:HLLY) last released its earnings results on Thursday, November 5th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 1.68% and a return on equity of 8.41%. As a group, equities analysts forecast that Holley will post 0.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Holley

Several institutional investors have recently made changes to their positions in HLLY. BlackRock Inc. bought a new position in shares of Holley during the 2nd quarter worth about $14,361,000. Blue Owl Capital Holdings LP bought a new stake in Holley in the 2nd quarter valued at about $11,161,000. Bamco Inc. NY bought a new stake in Holley in the 2nd quarter valued at about $8,288,000. Bank of America Corp DE acquired a new position in shares of Holley during the second quarter worth approximately $4,638,000. Finally, Wasatch Advisors LP raised its position in shares of Holley by 35.1% during the second quarter. Wasatch Advisors LP now owns 4,887,038 shares of the company’s stock worth $12,462,000 after purchasing an additional 1,269,256 shares during the period. Institutional investors and hedge funds own 39.70% of the company’s stock.

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.