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

Shares of Holley Inc. (NYSE:HLLY) have been given an average rating of “Moderate Buy” by the seven analysts that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $4.90.

A number of analysts have commented on the stock. Wall Street Zen upgraded shares of Holley from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Raymond James Financial set a $4.00 target price on Holley in a report on Thursday, May 7th. Freedom Capital lowered Holley from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Benchmark cut their price target on Holley from $4.50 to $4.00 and set a “buy” rating for the company in a report on Friday, May 8th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price objective on shares of Holley in a research report on Monday, June 29th.

Holley Stock Down 2.8%

NYSE HLLY opened at $2.92 on Wednesday. The business has a fifty day moving average price of $2.72 and a 200 day moving average price of $3.03. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.39 and a current ratio of 3.06. The company has a market cap of $353.39 million, a P/E ratio of 36.44 and a beta of 1.31. Holley has a one year low of $2.33 and a one year high of $4.48.

Holley (NYSE:HLLY) last announced its earnings results on Wednesday, August 5th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. The company had revenue of $172.01 million for the quarter, compared to analysts’ expectations of $172.63 million. Holley had a net margin of 1.68% and a return on equity of 8.41%. Research analysts anticipate that Holley will post 0.39 EPS for the current fiscal year.

Holley announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 26th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes 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 leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Wasatch Advisors LP purchased a new stake in shares of Holley in the third quarter valued at about $18,762,000. BlackRock Inc. purchased a new position in Holley during the second quarter worth about $14,361,000. Blue Owl Capital Holdings LP purchased a new position in Holley during the second quarter worth about $11,161,000. Bamco Inc. NY acquired a new position in Holley in the 2nd quarter valued at about $8,288,000. Finally, Boston Partners boosted its holdings in Holley by 59.2% in the 3rd quarter. Boston Partners now owns 7,652,545 shares of the company’s stock valued at $24,028,000 after purchasing an additional 2,845,009 shares during the last quarter. Hedge funds and other 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.