Canaccord Genuity Group Cuts Holley (NYSE:HLLY) Price Target to $5.00

Holley (NYSE:HLLY) had its price objective cut by equities researchers at Canaccord Genuity Group from $6.00 to $5.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 162.47% from the company’s current price.

HLLY has been the subject of a number of other reports. Raymond James boosted their price objective on Holley from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Wednesday, March 12th. Truist Financial decreased their price target on Holley from $5.00 to $3.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Telsey Advisory Group dropped their price objective on Holley from $4.50 to $2.75 and set an “outperform” rating on the stock in a research note on Thursday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Holley presently has an average rating of “Moderate Buy” and a consensus target price of $3.85.

Holley Price Performance

Shares of HLLY opened at $1.91 on Thursday. The business’s fifty day moving average is $2.32 and its 200 day moving average is $2.68. Holley has a 12-month low of $1.60 and a 12-month high of $4.08. The company has a quick ratio of 1.17, a current ratio of 2.93 and a debt-to-equity ratio of 1.20. The stock has a market cap of $228.52 million, a P/E ratio of 14.65 and a beta of 1.43.

Holley (NYSE:HLLY) last released its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). The business had revenue of $153.04 million during the quarter, compared to the consensus estimate of $148.52 million. Holley had a net margin of 2.55% and a return on equity of 2.59%. Sell-side analysts anticipate that Holley will post 0.12 earnings per share for the current fiscal year.

Institutional Trading of Holley

A number of institutional investors and hedge funds have recently modified their holdings of HLLY. Charles Schwab Investment Management Inc. grew its stake in Holley by 20.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 473,950 shares of the company’s stock valued at $1,218,000 after purchasing an additional 80,366 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Holley by 994.4% in the 1st quarter. Nisa Investment Advisors LLC now owns 16,536 shares of the company’s stock worth $42,000 after buying an additional 15,025 shares during the last quarter. M&T Bank Corp grew its position in Holley by 40.0% during the first quarter. M&T Bank Corp now owns 56,331 shares of the company’s stock valued at $145,000 after buying an additional 16,089 shares during the period. Envestnet Asset Management Inc. increased its holdings in Holley by 10.6% during the first quarter. Envestnet Asset Management Inc. now owns 306,019 shares of the company’s stock worth $786,000 after buying an additional 29,357 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Holley by 1.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,337,982 shares of the company’s stock worth $26,569,000 after acquiring an additional 170,132 shares during the period. 39.70% of the stock is owned by hedge funds and other institutional investors.

Holley Company Profile

Holley Inc operates as designer, manufacturer, and marketer of automotive aftermarket products for car and truck enthusiasts in the United States, Canada, Europe, and China. Its products span various automotive platforms and sells across multiple channels. The company's performance automotive products include carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, distributors, ignition components, engine tuners, automotive performance plumbing products; and exhaust products, as well as shifters, converters, transmission kits, transmissions, tuners, and automotive software.