Holley (NYSE:HLLY) Trading 5.7% Higher – Should You Buy?

Shares of Holley Inc. (NYSE:HLLY) were up 5.7% during mid-day trading on Friday . The stock traded as high as $2.53 and last traded at $2.4950. 3,566,019 shares were traded during trading, an increase of 394% from the average session volume of 722,096 shares. The stock had previously closed at $2.36.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on HLLY. Canaccord Genuity Group reduced their price objective on shares of Holley from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Weiss Ratings downgraded Holley from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, June 17th. Benchmark reduced 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. DA Davidson set a $4.50 price target on Holley in a research note on Thursday, March 5th. Finally, Wall Street Zen downgraded Holley from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Holley presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.90.

Holley Stock Up 5.7%

The stock’s 50-day moving average price is $2.77 and its 200-day moving average price is $3.44. The company has a current ratio of 3.17, a quick ratio of 1.07 and a debt-to-equity ratio of 1.16. The stock has a market cap of $303.05 million, a price-to-earnings ratio of 13.13 and a beta of 1.32.

Holley (NYSE:HLLY) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. The company had revenue of $147.33 million during the quarter, compared to analysts’ expectations of $152.06 million. Holley had a net margin of 3.89% and a return on equity of 5.46%. On average, sell-side analysts expect that Holley Inc. will post 0.31 earnings per share for the current year.

Holley announced that its Board of Directors has authorized a share buyback program on Tuesday, May 26th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the company to purchase up to 8.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

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

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.