Canaccord Genuity Group Has Lowered Expectations for Holley (NYSE:HLLY) Stock Price

Holley (NYSE:HLLY) had its price target lowered by analysts at Canaccord Genuity Group from $8.00 to $7.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 148.67% from the stock’s previous close.

A number of other research analysts have also recently commented on HLLY. Telsey Advisory Group reaffirmed an “outperform” rating and set a $5.00 price target on shares of Holley in a research report on Thursday, March 5th. Raymond James Financial set a $4.00 price target on Holley in a research report on Thursday. DA Davidson set a $4.50 price target on Holley in a research report on Thursday, March 5th. Finally, Weiss Ratings cut Holley from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $4.90.

Holley Stock Up 11.3%

Shares of NYSE HLLY opened at $2.82 on Thursday. Holley has a one year low of $1.74 and a one year high of $4.48. The company has a debt-to-equity ratio of 1.16, a current ratio of 3.17 and a quick ratio of 0.96. The business’s fifty day moving average price is $3.23 and its 200-day moving average price is $3.68. The stock has a market capitalization of $340.45 million, a PE ratio of 14.82 and a beta of 1.40.

Holley (NYSE:HLLY) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. Holley had a return on equity of 5.46% and a net margin of 3.89%.The firm had revenue of $147.33 million for the quarter, compared to analysts’ expectations of $152.06 million. On average, equities research analysts anticipate that Holley will post 0.3 EPS for the current year.

Institutional Trading of Holley

A number of institutional investors have recently added to or reduced their stakes in HLLY. Wasatch Advisors LP purchased a new stake in Holley during the 3rd quarter worth about $18,762,000. Boston Partners lifted its holdings in Holley by 59.2% during the 3rd 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 in the last quarter. Advisory Research Inc. purchased a new stake in Holley during the 3rd quarter worth about $7,065,000. Hillsdale Investment Management Inc. lifted its holdings in Holley by 76,322.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 1,910,561 shares of the company’s stock worth $7,891,000 after purchasing an additional 1,908,061 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Holley during the 3rd quarter worth about $3,435,000. 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.