Brokerages Set Holley Inc. (NYSE:HLLY) Target Price at $4.90

Holley Inc. (NYSE:HLLY) has earned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $4.90.

HLLY has been the subject of a number of recent research reports. Weiss Ratings cut Holley from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, June 17th. Wall Street Zen cut Holley from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Benchmark lowered their price objective on shares of Holley from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Holley in a research report on Monday, June 29th. Finally, Raymond James Financial set a $4.00 target price on shares of Holley in a report on Thursday, May 7th.

Holley Stock Performance

Shares of NYSE:HLLY traded up $0.07 on Tuesday, reaching $2.44. The company’s stock had a trading volume of 269,186 shares, compared to its average volume of 839,594. The stock’s 50-day moving average is $2.67 and its two-hundred day moving average is $3.36. Holley has a 52-week low of $1.98 and a 52-week 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 1.07. The stock has a market capitalization of $295.76 million, a P/E ratio of 12.82 and a beta of 1.33.

Holley (NYSE:HLLY) last announced its earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share 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 business had revenue of $147.33 million during the quarter, compared to the consensus estimate of $152.06 million. As a group, sell-side analysts forecast that Holley will post 0.31 EPS for the current year.

Holley announced that its Board of Directors has authorized a share buyback plan on Tuesday, May 26th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 8.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Holley

Hedge funds have recently modified their holdings of the business. Deutsche Bank AG boosted its stake in shares of Holley by 7.2% during the fourth quarter. Deutsche Bank AG now owns 48,294 shares of the company’s stock valued at $199,000 after acquiring an additional 3,251 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Holley by 37.1% in the 4th quarter. ProShare Advisors LLC now owns 13,961 shares of the company’s stock valued at $58,000 after purchasing an additional 3,777 shares in the last quarter. State Street Corp boosted its stake in shares of Holley by 0.3% during the 4th quarter. State Street Corp now owns 1,141,534 shares of the company’s stock worth $4,715,000 after purchasing an additional 3,788 shares during the last quarter. Verition Fund Management LLC grew its holdings in shares of Holley by 10.7% during the fourth quarter. Verition Fund Management LLC now owns 47,831 shares of the company’s stock worth $198,000 after buying an additional 4,638 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Holley by 16.7% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,542 shares of the company’s stock worth $65,000 after buying an additional 4,661 shares in the last quarter. 39.70% of the stock is owned by institutional investors and hedge funds.

About Holley

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.