Holley (NYSE:HLLY) Issues Earnings Results, Meets Expectations

Holley (NYSE:HLLY) announced its quarterly earnings data on Wednesday. The company reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10, Zacks reports. Holley had a return on equity of 4.32% and a net margin of 2.89%. The firm had revenue of $169.50 million during the quarter, compared to analysts’ expectations of $170.40 million. During the same period in the previous year, the business posted $0.14 EPS. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. Holley updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Holley Stock Down 5.4 %

HLLY stock traded down $0.17 during mid-day trading on Friday, hitting $2.97. 937,970 shares of the company were exchanged, compared to its average volume of 345,641. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.04 and a current ratio of 2.85. Holley has a 1-year low of $2.94 and a 1-year high of $8.06. The firm’s 50 day simple moving average is $3.57 and its 200 day simple moving average is $4.05. The firm has a market cap of $354.35 million, a P/E ratio of 18.56 and a beta of 1.47.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Raymond James dropped their price target on shares of Holley from $5.25 to $4.25 and set an “outperform” rating for the company in a research note on Thursday. Telsey Advisory Group dropped their target price on shares of Holley from $6.50 to $5.50 and set an “outperform” rating for the company in a research report on Wednesday. Canaccord Genuity Group decreased their price objective on Holley from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday. Truist Financial decreased their target price on Holley from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Benchmark reiterated a “buy” rating and issued a $12.00 price target on shares of Holley in a research report on Monday, August 5th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Holley presently has a consensus rating of “Moderate Buy” and an average target price of $7.00.

Insider Activity

In related news, Chairman Matthew E. Rubel bought 14,493 shares of Holley stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average cost of $3.39 per share, with a total value of $49,131.27. Following the purchase, the chairman now owns 169,979 shares in the company, valued at $576,228.81. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.92% of the company’s stock.

About Holley

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.