Holley (NYSE:HLLY) Stock Bumped Down to Hold by Wall Street Zen

Key Points

• Wall Street Zen downgraded Holley from “buy” to “hold.” Other analyst views are mixed, with MarketBeat reporting an overall “Moderate Buy” rating and an average price target of $4.08.
• Holley’s latest quarterly results fell short of estimates: EPS was $0.06 versus a $0.07 consensus, while revenue was $141.56 million versus $145.80 million expected.
• Shares rose 4.9% to $2.48 in Friday trading, but remained below their 50-day and 200-day moving averages.

Holley (NYSE:HLLY - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Sunday, Wall Street Zen reports.

Several other equities research analysts have also recently commented on the company. Freedom Capital cut Holley from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. Freedom Broker set a $4.50 price objective on shares of Holley in a research report on Tuesday. DA Davidson set a $3.00 target price on shares of Holley in a research note on Friday, November 6th. Weiss Ratings reissued a "sell (d)" rating on shares of Holley in a research report on Tuesday, November 3rd. Finally, Canaccord Genuity Group decreased their target price on shares of Holley from $7.00 to $5.00 and set a "buy" rating for the company in a research report on Friday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $4.08.

Holley Stock Up 4.9%

Shares of NYSE:HLLY traded up $0.12 during trading on Friday, reaching $2.48. 892,772 shares of the company traded hands, compared to its average volume of 1,268,317. The firm has a fifty day simple moving average of $2.54 and a 200 day simple moving average of $2.93. The firm has a market cap of $301.08 million, a P/E ratio of 16.50 and a beta of 1.44. Holley has a 1-year low of $2.05 and a 1-year high of $4.48. The company has a quick ratio of 1.23, a current ratio of 3.04 and a debt-to-equity ratio of 1.07.

Holley (NYSE:HLLY - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). Holley had a return on equity of 9.28% and a net margin of 3.07%. The company had revenue of $141.56 million during the quarter, compared to analyst estimates of $145.80 million. Analysts anticipate that Holley will post 0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Empowered Funds LLC raised its holdings in Holley by 24.3% in the 3rd quarter. Empowered Funds LLC now owns 730,976 shares of the company's stock worth $1,725,000 after acquiring an additional 142,960 shares during the period. Russell Investments Group Ltd. grew its position in shares of Holley by 38.9% in the third quarter. Russell Investments Group Ltd. now owns 2,203,493 shares of the company's stock valued at $5,200,000 after purchasing an additional 617,178 shares during the last quarter. Ritholtz Wealth Management acquired a new stake in shares of Holley in the third quarter valued at about $96,000. Penn Capital Management Company LLC increased its stake in shares of Holley by 134.4% in the third 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 during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Holley by 2.6% in the third 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 during the period. 39.70% of the stock is currently owned by institutional investors and hedge funds.

Holley Company Profile

Holley Inc. designs, manufactures and markets performance parts and accessories for the automotive aftermarket. Its products serve enthusiasts and racers who modify, restore or compete with vehicles, including classic cars and modern performance vehicles. The company's offerings include fuel and electronic fuel-injection systems, carburetors, ignition and engine components, intake and exhaust products, transmission and chassis parts, and automotive safety equipment. Its portfolio includes brands such as Holley, MSD, Flowmaster, Hooker, B&M and Simpson.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.