Holley Inc. (NYSE:HLLY) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Holley Inc. (NYSE:HLLY) has earned an average rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $4.90.

Several research analysts recently issued reports on the company. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price objective on shares of Holley in a research note on Monday, June 29th. Freedom Capital raised Holley to a “strong-buy” rating in a research report on Tuesday, July 7th. Raymond James Financial set a $4.00 target price on Holley in a report on Thursday, May 7th. Benchmark dropped their price target on Holley from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Finally, Weiss Ratings lowered Holley from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, June 17th.

Holley Price Performance

Holley stock opened at $2.77 on Friday. 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 stock has a market cap of $335.84 million, a price-to-earnings ratio of 14.55 and a beta of 1.33. The firm has a 50-day moving average of $2.57 and a two-hundred day moving average of $3.17. Holley has a 1 year low of $1.98 and a 1 year high of $4.48.

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

Holley announced that its board has authorized a share buyback program on Tuesday, May 26th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the company to repurchase up to 8.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cerity Partners LLC purchased a new position in Holley during the 2nd quarter valued at about $25,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Holley in the 3rd quarter worth approximately $34,000. Chicago Partners Investment Group LLC purchased a new stake in shares of Holley in the 1st quarter worth approximately $35,000. State of Alaska Department of Revenue bought a new position in shares of Holley during the fourth quarter valued at approximately $35,000. Finally, Sherbrooke Park Advisers LLC bought a new position in shares of Holley during the third quarter valued at approximately $38,000. 39.70% of the stock is currently owned by institutional investors.

About Holley

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.