Holley Inc. (NYSE:HLLY) Receives $4.90 Average Target Price from Brokerages

Shares of Holley Inc. (NYSE:HLLY) have earned a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $4.90.

Several equities analysts have recently issued reports on the stock. Wall Street Zen raised shares of Holley from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 target price on shares of Holley in a research note on Monday, June 29th. Zacks Research upgraded shares of Holley from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Benchmark decreased their price target on shares of Holley from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Finally, Freedom Capital cut Holley from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th.

Holley Price Performance

NYSE:HLLY opened at $3.08 on Wednesday. The business’s 50-day moving average price is $2.70 and its 200 day moving average price is $3.05. The firm has a market cap of $373.39 million, a P/E ratio of 38.50 and a beta of 1.31. Holley has a 52-week low of $2.33 and a 52-week high of $4.48. The company has a quick ratio of 1.39, a current ratio of 3.06 and a debt-to-equity ratio of 1.15.

Holley (NYSE:HLLY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.12 by $0.08. Holley had a net margin of 1.68% and a return on equity of 8.41%. The firm had revenue of $172.01 million for the quarter, compared to analysts’ expectations of $172.63 million. As a group, sell-side analysts predict that Holley will post 0.39 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Holley

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

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.