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 seven ratings firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $4.90.

HLLY has been the topic of a number of recent research reports. Weiss Ratings cut shares of Holley from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, June 17th. Benchmark dropped their price objective on shares of Holley from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Freedom Capital raised shares of Holley to a “strong-buy” rating in a research note on Tuesday, July 7th. Wall Street Zen downgraded shares of Holley from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of Holley in a report on Monday, June 29th.

Holley Stock Performance

NYSE HLLY opened at $2.67 on Friday. The firm has a market capitalization of $324.91 million, a P/E ratio of 14.08 and a beta of 1.33. Holley has a 1-year low of $1.98 and a 1-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 1.07. The business’s 50-day simple moving average is $2.58 and its 200-day simple moving average is $3.16.

Holley (NYSE:HLLY) last issued its earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. The business had revenue of $147.33 million during the quarter, compared to analysts’ expectations of $152.06 million. Holley had a return on equity of 5.46% and a net margin of 3.89%. Equities analysts predict that Holley will post 0.31 EPS for the current year.

Holley announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 26th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hillsdale Investment Management Inc. boosted its position in shares of Holley by 76,322.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 1,910,561 shares of the company’s stock worth $7,891,000 after buying an additional 1,908,061 shares during the period. R Squared Ltd purchased a new stake in shares of Holley during the 4th quarter valued at about $62,000. State of Alaska Department of Revenue purchased a new stake in shares of Holley during the 4th quarter valued at about $35,000. SG Americas Securities LLC acquired a new position in Holley during the 4th quarter worth approximately $196,000. Finally, JPMorgan Chase & Co. lifted its position in Holley by 143.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 189,054 shares of the company’s stock worth $594,000 after acquiring an additional 111,542 shares in the last quarter. Institutional investors and hedge funds 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.