Holley (NYSE:HLLY) Trading 5.7% Higher – Here’s Why

Holley Inc. (NYSE:HLLY) traded up 5.7% during mid-day trading on Friday . The company traded as high as $2.53 and last traded at $2.4950. 3,566,019 shares were traded during mid-day trading, an increase of 394% from the average session volume of 722,096 shares. The stock had previously closed at $2.36.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on HLLY shares. Canaccord Genuity Group lowered their target price on Holley from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Raymond James Financial set a $4.00 price target on Holley in a report on Thursday, May 7th. Benchmark reduced their price objective on Holley from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Friday, May 8th. DA Davidson set a $4.50 price objective on Holley in a research note on Thursday, March 5th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Holley in a research report on Thursday, March 5th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.90.

Holley Price Performance

The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.07 and a current ratio of 3.17. The stock has a market capitalization of $303.04 million, a price-to-earnings ratio of 13.13 and a beta of 1.32. The business’s 50 day simple moving average is $2.77 and its 200-day simple moving average is $3.44.

Holley (NYSE:HLLY) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, meeting the consensus estimate of $0.05. The company 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%. Research analysts anticipate that Holley Inc. will post 0.31 earnings per share for the current year.

Holley announced that its board has approved a stock repurchase plan on Tuesday, May 26th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in HLLY. Allspring Global Investments Holdings LLC increased its holdings in shares of Holley by 1.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 9,823,903 shares of the company’s stock valued at $30,749,000 after purchasing an additional 122,331 shares during the period. Boston Partners lifted its holdings in Holley by 59.2% in the third quarter. Boston Partners now owns 7,652,545 shares of the company’s stock worth $24,028,000 after purchasing an additional 2,845,009 shares during the period. Wasatch Advisors LP bought a new position in Holley in the 3rd quarter valued at about $18,762,000. Blue Owl Capital Holdings LP raised its position in shares of Holley by 18.2% during the 3rd quarter. Blue Owl Capital Holdings LP now owns 4,862,361 shares of the company’s stock worth $15,268,000 after buying an additional 750,000 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Holley by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 3,677,058 shares of the company’s stock worth $11,546,000 after buying an additional 110,170 shares in the last quarter. Institutional investors and hedge funds 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.