Holley Inc. (NYSE:HLLY) Receives Average Recommendation of “Moderate Buy” from Brokerages

Holley Inc. (NYSE:HLLY) has earned an average recommendation of “Moderate Buy” from the seven analysts that are currently covering the company, MarketBeat Ratings reports. One equities research 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 target price among brokerages that have updated their coverage on the stock in the last year is $4.90.

Several equities analysts recently weighed in on HLLY shares. Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of Holley in a report on Monday, June 29th. Weiss Ratings lowered Holley from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, June 17th. Freedom Capital upgraded Holley to a “strong-buy” rating in a research note on Tuesday, July 7th. Raymond James Financial set a $4.00 target price on Holley in a research report on Thursday, May 7th. Finally, Benchmark lowered their target price on Holley from $4.50 to $4.00 and set a “buy” rating for the company in a research note on Friday, May 8th.

Holley Stock Up 4.2%

HLLY opened at $2.62 on Friday. Holley has a 1 year low of $1.98 and a 1 year high of $4.48. The firm has a 50 day moving average price of $2.56 and a 200 day moving average price of $3.21. 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 company has a market cap of $318.83 million, a PE ratio of 13.82 and a beta of 1.33.

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

Holley declared that its board has authorized a share buyback program on Tuesday, May 26th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 8.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Holley

Hedge funds have recently made changes to their positions in the company. Empowered Funds LLC lifted its position in shares of Holley by 8.1% during the first quarter. Empowered Funds LLC now owns 283,049 shares of the company’s stock worth $727,000 after purchasing an additional 21,121 shares in the last quarter. Geode Capital Management LLC grew its holdings in Holley by 9.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,320,321 shares of the company’s stock valued at $2,641,000 after purchasing an additional 108,964 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Holley by 195.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 77,512 shares of the company’s stock worth $155,000 after buying an additional 51,247 shares during the period. Rhumbline Advisers increased its stake in Holley by 51.1% during the 2nd quarter. Rhumbline Advisers now owns 103,287 shares of the company’s stock worth $207,000 after buying an additional 34,914 shares during the period. Finally, American Century Companies Inc. lifted its holdings in Holley by 10.0% in the 2nd quarter. American Century Companies Inc. now owns 118,727 shares of the company’s stock worth $237,000 after buying an additional 10,767 shares in 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.