Holley (NYSE:HLLY) PT Lowered to $7.00

Holley (NYSE:HLLY) had its price target cut by research analysts at Truist Financial from $8.00 to $7.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 135.69% from the company’s previous close.

HLLY has been the subject of a number of other reports. Canaccord Genuity Group cut their price target on shares of Holley from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday. Telsey Advisory Group cut their price target on shares of Holley from $6.50 to $5.50 and set an “outperform” rating for the company in a report on Wednesday. Finally, Benchmark restated a “buy” rating and set a $12.00 price objective on shares of Holley in a report on Monday, August 5th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Holley currently has an average rating of “Moderate Buy” and an average price target of $7.00.

Holley Price Performance

HLLY stock traded down $0.17 during trading on Thursday, hitting $2.97. The company had a trading volume of 937,970 shares, compared to its average volume of 345,641. The firm has a market capitalization of $354.35 million, a price-to-earnings ratio of 18.56 and a beta of 1.47. The business has a 50 day moving average of $3.57 and a 200 day moving average of $4.05. Holley has a fifty-two week low of $2.94 and a fifty-two week high of $8.06. The company has a current ratio of 2.85, a quick ratio of 1.04 and a debt-to-equity ratio of 1.26.

Holley (NYSE:HLLY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. The business had revenue of $169.50 million during the quarter, compared to the consensus estimate of $170.40 million. Holley had a net margin of 2.89% and a return on equity of 4.32%. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.14 earnings per share. As a group, research analysts predict that Holley will post 0.27 earnings per share for the current year.

Insider Activity

In other Holley news, Chairman Matthew E. Rubel bought 14,493 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were bought at an average price of $3.39 per share, for a total transaction of $49,131.27. Following the acquisition, the chairman now directly owns 169,979 shares of the company’s stock, valued at $576,228.81. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Holley

A number of hedge funds have recently added to or reduced their stakes in HLLY. Lazard Asset Management LLC acquired a new position in Holley in the first quarter worth approximately $43,000. Tower Research Capital LLC TRC boosted its position in shares of Holley by 410.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,516 shares of the company’s stock valued at $66,000 after acquiring an additional 10,867 shares during the period. SYSTM Wealth Solutions LLC bought a new stake in shares of Holley in the first quarter valued at approximately $90,000. SG Americas Securities LLC boosted its position in shares of Holley by 75.7% in the fourth quarter. SG Americas Securities LLC now owns 28,577 shares of the company’s stock valued at $139,000 after acquiring an additional 12,309 shares during the period. Finally, Norden Group LLC boosted its position in shares of Holley by 28.8% in the first quarter. Norden Group LLC now owns 43,694 shares of the company’s stock valued at $195,000 after acquiring an additional 9,781 shares during the period. Institutional investors and hedge funds own 39.70% of the company’s stock.

Holley Company Profile

Holley Inc operates as designer, manufacturer, and marketer of automotive aftermarket products for car and truck enthusiasts in the United States, Canada, Europe, and China. Its products span various automotive platforms and sells across multiple channels. The company's performance automotive products include carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, distributors, ignition components, engine tuners, automotive performance plumbing products; and exhaust products, as well as shifters, converters, transmission kits, transmissions, tuners, and automotive software.