Holley Inc. (NYSE:HLLY) Sees Significant Drop in Short Interest

Holley Inc. (NYSE:HLLY) saw a large drop in short interest in April. As of April 15th, there was short interest totaling 1,698,978 shares, a drop of 16.4% from the March 31st total of 2,032,062 shares. Currently, 1.5% of the company’s stock are sold short. Based on an average trading volume of 564,039 shares, the short-interest ratio is presently 3.0 days.

Holley Trading Down 6.5%

Holley stock opened at $3.09 on Friday. The company has a quick ratio of 0.96, a current ratio of 2.75 and a debt-to-equity ratio of 1.15. The firm has a 50-day moving average price of $3.31 and a two-hundred day moving average price of $3.68. The firm has a market capitalization of $373.10 million, a price-to-earnings ratio of 20.57 and a beta of 1.40. Holley has a 52-week low of $1.60 and a 52-week high of $4.48.

Holley (NYSE:HLLY) last posted its earnings results on Wednesday, March 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). The firm had revenue of $155.44 million for the quarter, compared to analyst estimates of $142.76 million. Holley had a net margin of 3.13% and a return on equity of 4.84%. Sell-side analysts expect that Holley will post 0.33 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HLLY. Wasatch Advisors LP acquired a new position in Holley during the 3rd quarter valued at about $18,762,000. Boston Partners boosted its stake in Holley by 59.2% during the 3rd quarter. Boston Partners now owns 7,652,545 shares of the company’s stock valued at $24,028,000 after purchasing an additional 2,845,009 shares during the period. Advisory Research Inc. acquired a new position in Holley during the 3rd quarter valued at about $7,065,000. Hillsdale Investment Management Inc. boosted its stake in Holley by 76,322.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 1,910,561 shares of the company’s stock valued at $7,891,000 after purchasing an additional 1,908,061 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Holley during the 3rd quarter valued at about $3,435,000. 39.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on HLLY. Canaccord Genuity Group raised their price objective on shares of Holley from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, February 18th. Weiss Ratings raised shares of Holley from a “sell (d)” rating to a “hold (c)” rating in a report on Monday, March 23rd. DA Davidson set a $4.50 price target on shares of Holley in a report on Thursday, March 5th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $5.00 price target on shares of Holley in a report on Thursday, March 5th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $5.00.

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.