Holley’s (HLLY) “Buy” Rating Reiterated at Canaccord Genuity Group

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

A number of other equities analysts have also recently weighed in on HLLY. Raymond James Financial set a $4.00 price objective on Holley in a report on Thursday, May 7th. DA Davidson set a $4.50 target price on Holley in a research note on Thursday, March 5th. Wall Street Zen cut shares of Holley from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Telsey Advisory Group reissued an “outperform” rating and set a $5.00 price target on shares of Holley in a research note on Thursday, March 5th. Finally, Weiss Ratings cut shares of Holley from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, June 17th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.90.

Holley Stock Performance

NYSE HLLY opened at $2.46 on Monday. Holley has a 52-week low of $1.98 and a 52-week high of $4.48. The company has a fifty day moving average of $2.77 and a 200-day moving average of $3.43. The company has a market capitalization of $298.18 million, a P/E ratio of 13.04 and a beta of 1.32. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.07 and a current ratio of 3.17.

Holley (NYSE:HLLY) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share 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 business had revenue of $147.33 million for the quarter, compared to the consensus estimate of $152.06 million. As a group, equities research analysts predict that Holley will post 0.31 EPS for the current fiscal year.

Holley announced that its board has authorized a share repurchase plan on Tuesday, May 26th that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the company to reacquire up to 8.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Holley

Large investors have recently modified their holdings of the business. Cerity Partners LLC bought a new position in shares of Holley during the second quarter valued at approximately $25,000. Schonfeld Strategic Advisors LLC bought a new stake in Holley in the third quarter valued at $34,000. State of Alaska Department of Revenue bought a new stake in Holley in the fourth quarter valued at $35,000. Chicago Partners Investment Group LLC bought a new position in Holley in the 1st quarter worth $35,000. Finally, Sherbrooke Park Advisers LLC purchased a new stake in shares of Holley in the 3rd quarter worth about $38,000. 39.70% of the stock is owned by 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.