Holley Inc. (NYSE:HLLY) Receives $4.90 Average PT from Analysts

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

Several research firms have recently issued reports on HLLY. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Holley in a research report on Monday, June 29th. Benchmark cut their price target on Holley from $4.50 to $4.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Freedom Capital raised Holley to a “strong-buy” rating in a research report on Tuesday, July 7th. Raymond James Financial set a $4.00 price objective on Holley in a research note on Thursday, May 7th. Finally, Wall Street Zen downgraded Holley from a “buy” rating to a “hold” rating in a report on Saturday, May 9th.

Holley Trading Up 2.1%

Shares of NYSE HLLY opened at $2.67 on Friday. Holley has a 1 year low of $1.98 and a 1 year high of $4.48. The stock has a market cap of $323.69 million, a P/E ratio of 14.03 and a beta of 1.33. The firm has a 50-day moving average of $2.56 and a 200 day moving average of $3.19. The company has a debt-to-equity ratio of 1.16, a current ratio of 3.17 and a quick ratio of 1.07.

Holley (NYSE:HLLY) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. The business had revenue of $147.33 million for the quarter, compared to analyst estimates of $152.06 million. Holley had a net margin of 3.89% and a return on equity of 5.46%. As a group, sell-side analysts expect that Holley will post 0.31 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Holley

A number of hedge funds have recently bought and sold shares of the company. Empowered Funds LLC grew its position 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 last quarter. Geode Capital Management LLC raised its holdings in Holley by 9.0% in the second quarter. Geode Capital Management LLC now owns 1,320,321 shares of the company’s stock worth $2,641,000 after buying an additional 108,964 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Holley by 195.1% in the second quarter. JPMorgan Chase & Co. now owns 77,512 shares of the company’s stock worth $155,000 after buying an additional 51,247 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Holley by 51.1% in the second quarter. Rhumbline Advisers now owns 103,287 shares of the company’s stock worth $207,000 after buying an additional 34,914 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Holley by 10.0% during the second 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 during the last quarter. Institutional investors own 39.70% of the company’s stock.

Holley Company Profile

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.