Canaccord Genuity Group Issues Pessimistic Forecast for Holley (NYSE:HLLY) Stock Price

Key Points

• Canaccord Genuity cut Holley’s price target from $7 to $5 but maintained a Buy rating; the new target implies 136.4% upside from the stock’s reported $2.12 price.
• Analyst views are mixed: Holley has an average Hold rating and a consensus price target of $4.20, with three Buy, three Hold, and one Sell rating.
• Holley’s latest quarter fell short of expectations, reporting $0.06 earnings per share versus $0.07 estimated and $141.56 million in revenue versus $145.80 million expected.

Holley (NYSE:HLLY - Get Free Report) had its price objective reduced by stock analysts at Canaccord Genuity Group from $7.00 to $5.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would suggest a potential upside of 136.41% from the company's current price.

HLLY has been the topic of several other research reports. Wall Street Zen upgraded shares of Holley from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Freedom Capital downgraded shares of Holley from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Weiss Ratings restated a "sell (d)" rating on shares of Holley in a research note on Tuesday. Zacks Research cut Holley from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Finally, DA Davidson set a $3.00 target price on Holley in a report on Friday. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $4.20.

Holley Price Performance

Shares of NYSE HLLY traded down $0.03 during mid-day trading on Friday, reaching $2.12. The company had a trading volume of 2,407,917 shares, compared to its average volume of 936,660. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.39 and a current ratio of 3.06. Holley has a one year low of $2.05 and a one year high of $4.48. The firm has a market cap of $256.41 million, a price-to-earnings ratio of 26.69 and a beta of 1.44. The business's 50-day simple moving average is $2.60 and its 200 day simple moving average is $2.98.

Holley (NYSE:HLLY - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01). The firm had revenue of $141.56 million for the quarter, compared to the consensus estimate of $145.80 million. Holley had a return on equity of 8.41% and a net margin of 1.68%. On average, research analysts predict that Holley will post 0.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Holley

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its holdings in shares of Holley by 38.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,203,493 shares of the company's stock valued at $5,200,000 after acquiring an additional 617,178 shares in the last quarter. Ritholtz Wealth Management bought a new stake in Holley during the 3rd quarter worth $96,000. Penn Capital Management Company LLC increased its holdings in Holley by 134.4% in the 3rd quarter. Penn Capital Management Company LLC now owns 577,427 shares of the company's stock worth $1,363,000 after purchasing an additional 331,067 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Holley by 2.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,066,406 shares of the company's stock worth $23,958,000 after purchasing an additional 258,955 shares in the last quarter. Finally, Skylands Capital LLC raised its position in Holley by 2.1% in the third quarter. Skylands Capital LLC now owns 1,092,212 shares of the company's stock valued at $2,578,000 after purchasing an additional 22,383 shares during the last quarter. 39.70% of the stock is owned by institutional investors.

About Holley

Holley Inc is an automotive aftermarket company that designs, manufactures and distributes performance products for cars, trucks, powersports vehicles and other enthusiast applications. Its offerings include fuel systems, engine and ignition components, exhaust products, suspension and driveline components, electronic controls, vehicle accessories and safety equipment.

The company serves do-it-yourself consumers, professional installers, racing teams, automotive enthusiasts and original equipment manufacturers through a portfolio of established aftermarket brands.

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