Holley Inc. (NYSE:HLLY) Sees Large Decrease in Short Interest

Holley Inc. (NYSE:HLLY) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 2,090,000 shares, a drop of 8.7% from the March 15th total of 2,290,000 shares. Based on an average daily trading volume, of 298,100 shares, the short-interest ratio is presently 7.0 days. Approximately 4.0% of the company’s stock are sold short.

Insider Activity

In other news, Director Graham Clempson bought 59,076 shares of Holley stock in a transaction dated Thursday, March 14th. The stock was bought at an average cost of $4.18 per share, for a total transaction of $246,937.68. Following the purchase, the director now directly owns 63,851 shares in the company, valued at approximately $266,897.18. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HLLY. Vanguard Group Inc. raised its position in shares of Holley by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 3,150,765 shares of the company’s stock valued at $15,344,000 after purchasing an additional 88,300 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Holley by 43.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 148,715 shares of the company’s stock valued at $724,000 after purchasing an additional 44,984 shares during the period. Barclays PLC raised its position in shares of Holley by 364.8% during the 4th quarter. Barclays PLC now owns 83,064 shares of the company’s stock valued at $405,000 after purchasing an additional 65,194 shares during the period. Nuveen Asset Management LLC raised its position in shares of Holley by 3.3% during the 4th quarter. Nuveen Asset Management LLC now owns 214,850 shares of the company’s stock valued at $1,046,000 after purchasing an additional 6,937 shares during the period. Finally, Royal Bank of Canada grew its stake in Holley by 12.2% during the fourth quarter. Royal Bank of Canada now owns 65,943 shares of the company’s stock valued at $321,000 after acquiring an additional 7,178 shares in the last quarter. Institutional investors own 39.70% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on HLLY. Canaccord Genuity Group dropped their price target on shares of Holley from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. Benchmark reaffirmed a “buy” rating and issued a $12.00 price target on shares of Holley in a report on Thursday, March 28th. JPMorgan Chase & Co. cut shares of Holley from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $6.50 to $5.00 in a report on Tuesday, February 20th. Truist Financial lowered their price target on shares of Holley from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $9.00 price objective on shares of Holley in a research note on Thursday, February 29th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.75.

Holley Stock Performance

Shares of HLLY remained flat at $4.15 during mid-day trading on Wednesday. 216,534 shares of the stock were exchanged, compared to its average volume of 230,204. Holley has a 12-month low of $2.08 and a 12-month high of $8.06. The business has a 50-day simple moving average of $4.44 and a two-hundred day simple moving average of $4.48. The firm has a market cap of $493.02 million, a P/E ratio of 24.38 and a beta of 1.52. The company has a current ratio of 3.17, a quick ratio of 1.12 and a debt-to-equity ratio of 1.31.

Holley (NYSE:HLLY) last announced its earnings results on Wednesday, February 28th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.01. Holley had a net margin of 2.91% and a return on equity of 5.77%. The company had revenue of $155.70 million during the quarter, compared to analyst estimates of $153.26 million. During the same period in the previous year, the business earned ($0.19) earnings per share. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Holley will post 0.33 EPS for the current year.

Holley Company Profile

Holley Inc operates as designer, manufacturer, and marketer of automotive aftermarket products for car and truck enthusiasts in the United States, Canada, Europe, and China. Its products span various automotive platforms and sells across multiple channels. The company's performance automotive products include carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, distributors, ignition components, engine tuners, automotive performance plumbing products; and exhaust products, as well as shifters, converters, transmission kits, transmissions, tuners, and automotive software.