Holley (NYSE:HLLY) Upgraded to Strong-Buy at Freedom Capital

Holley (NYSE:HLLY) was upgraded by analysts at Freedom Capital to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Several other research firms have also weighed in on HLLY. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 target price on shares of Holley in a report on Monday, June 29th. 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 target on shares of Holley from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Weiss Ratings lowered Holley from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, June 17th. Finally, Raymond James Financial set a $4.00 target price on Holley in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $4.90.

Holley Stock Up 2.2%

Shares of HLLY opened at $2.52 on Tuesday. Holley has a 52-week low of $1.98 and a 52-week high of $4.48. The company has a market capitalization of $305.47 million, a PE ratio of 13.24 and a beta of 1.33. The stock has a fifty day simple moving average of $2.63 and a two-hundred day simple moving average of $3.34. The company has a quick ratio of 1.07, a current ratio of 3.17 and a debt-to-equity ratio of 1.16.

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

Holley announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 26th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 8.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Cerity Partners LLC purchased a new position in shares of Holley during the second quarter worth $25,000. Schonfeld Strategic Advisors LLC purchased a new position in Holley during the 3rd quarter valued at about $34,000. Chicago Partners Investment Group LLC purchased a new position in Holley during the 1st quarter valued at about $35,000. State of Alaska Department of Revenue acquired a new position in Holley in the 4th quarter valued at about $35,000. Finally, Sherbrooke Park Advisers LLC acquired a new position in Holley in the 3rd quarter valued at about $38,000. 39.70% of the stock is currently owned by institutional investors and hedge funds.

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.