Holley (NYSE:HLLY) Price Target Cut to $7.00

Holley (NYSE:HLLY) had its price objective dropped by analysts at Canaccord Genuity Group from $8.00 to $7.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 135.69% from the company’s current price.

A number of other research firms also recently commented on HLLY. Benchmark restated a “buy” rating and set a $12.00 price objective on shares of Holley in a report on Monday, August 5th. Telsey Advisory Group restated an “outperform” rating and set a $6.50 price objective on shares of Holley in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.00.

Holley Trading Down 5.4 %

HLLY traded down $0.17 during trading on Thursday, hitting $2.97. The company’s stock had a trading volume of 937,970 shares, compared to its average volume of 345,641. The firm’s 50 day moving average price is $3.57 and its 200-day moving average price is $4.05. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.85 and a quick ratio of 1.04. The stock has a market cap of $354.35 million, a PE ratio of 18.56 and a beta of 1.47. Holley has a twelve month low of $2.94 and a twelve month high of $8.06.

Holley (NYSE:HLLY) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. The company had revenue of $169.50 million during the quarter, compared to the consensus estimate of $170.40 million. Holley had a return on equity of 4.32% and a net margin of 2.89%. Holley’s revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.14 EPS. On average, analysts expect that Holley will post 0.27 earnings per share for the current year.

Insider Activity at Holley

In related news, Chairman Matthew E. Rubel purchased 14,493 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average cost of $3.39 per share, for a total transaction of $49,131.27. Following the acquisition, the chairman now owns 169,979 shares in the company, valued at $576,228.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.92% of the stock is owned by insiders.

Hedge Funds Weigh In On Holley

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lazard Asset Management LLC purchased a new position in Holley in the 1st quarter valued at about $43,000. Tower Research Capital LLC TRC lifted its position in shares of Holley by 410.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 13,516 shares of the company’s stock worth $66,000 after purchasing an additional 10,867 shares during the last quarter. SYSTM Wealth Solutions LLC bought a new position in shares of Holley during the first quarter worth about $90,000. SG Americas Securities LLC lifted its position in shares of Holley by 75.7% during the fourth quarter. SG Americas Securities LLC now owns 28,577 shares of the company’s stock worth $139,000 after purchasing an additional 12,309 shares during the last quarter. Finally, Norden Group LLC lifted its position in shares of Holley by 28.8% during the first quarter. Norden Group LLC now owns 43,694 shares of the company’s stock worth $195,000 after purchasing an additional 9,781 shares during the last quarter. 39.70% of the stock is owned by hedge funds and other institutional investors.

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.