Holley (NYSE:HLLY) PT Lowered to $7.00

Holley (NYSE:HLLY) had its target price cut by equities researchers at Truist Financial 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. Truist Financial’s price target would suggest a potential upside of 135.69% from the stock’s previous close.

Several other analysts have also recently commented on HLLY. Benchmark reiterated a “buy” rating and issued a $12.00 price target on shares of Holley in a research note on Monday, August 5th. Telsey Advisory Group decreased their price target on shares of Holley from $6.50 to $5.50 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Canaccord Genuity Group decreased their price target on shares of Holley from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Holley presently has an average rating of “Moderate Buy” and a consensus target price of $7.00.

Holley Price Performance

Shares of HLLY traded down $0.17 during trading hours on Thursday, reaching $2.97. 937,970 shares of the stock traded hands, compared to its average volume of 345,641. The company has a current ratio of 2.85, a quick ratio of 1.04 and a debt-to-equity ratio of 1.26. Holley has a 52-week low of $2.94 and a 52-week high of $8.06. The company’s 50-day moving average price is $3.57 and its two-hundred day moving average price is $4.05. The company has a market cap of $354.35 million, a P/E ratio of 18.56 and a beta of 1.47.

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

Insider Activity

In other Holley news, Chairman Matthew E. Rubel bought 14,493 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were purchased at an average cost of $3.39 per share, for a total transaction of $49,131.27. Following the transaction, the chairman now owns 169,979 shares of the company’s stock, valued at $576,228.81. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Holley

Several hedge funds have recently added to or reduced their stakes in HLLY. Lazard Asset Management LLC bought a new position in Holley during the 1st quarter valued at about $43,000. Tower Research Capital LLC TRC grew its holdings in Holley by 410.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 13,516 shares of the company’s stock valued at $66,000 after purchasing an additional 10,867 shares during the last quarter. SYSTM Wealth Solutions LLC bought a new position in Holley during the 1st quarter valued at about $90,000. SG Americas Securities LLC grew its holdings in Holley by 75.7% during the 4th quarter. SG Americas Securities LLC now owns 28,577 shares of the company’s stock valued at $139,000 after purchasing an additional 12,309 shares during the last quarter. Finally, Norden Group LLC grew its stake in Holley by 28.8% in the 1st quarter. Norden Group LLC now owns 43,694 shares of the company’s stock worth $195,000 after acquiring an additional 9,781 shares in the last quarter. 39.70% of the stock is currently owned by 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.