Stock Repurchase Plan Initiated by Holley (NYSE:HLLY) Board of Directors

Holley (NYSE:HLLY) announced that its board has initiated a stock buyback plan on Tuesday, May 26th, RTT News reports. The company plans to buyback $25.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 8.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Holley Stock Performance

NYSE HLLY traded up $0.27 during trading hours on Tuesday, hitting $2.78. The company had a trading volume of 1,547,489 shares, compared to its average volume of 852,505. Holley has a fifty-two week low of $1.90 and a fifty-two week high of $4.48. The company has a quick ratio of 1.07, a current ratio of 3.17 and a debt-to-equity ratio of 1.16. The business has a fifty day simple moving average of $2.98 and a 200-day simple moving average of $3.65. The firm has a market cap of $337.66 million, a P/E ratio of 14.63 and a beta of 1.40.

Holley (NYSE:HLLY) last issued 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 return on equity of 5.46% and a net margin of 3.89%.The firm had revenue of $147.33 million for the quarter, compared to analyst estimates of $152.06 million. Equities analysts predict that Holley will post 0.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on HLLY shares. Telsey Advisory Group reissued an “outperform” rating and set a $5.00 price target on shares of Holley in a research report on Thursday, March 5th. Wall Street Zen lowered Holley from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings lowered Holley from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, May 20th. Raymond James Financial set a $4.00 price target on Holley in a research report on Thursday, May 7th. Finally, DA Davidson set a $4.50 price target on Holley in a research report on Thursday, March 5th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $4.90.

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.