Benchmark Cuts Holley (NYSE:HLLY) Price Target to $4.00

Key Points

• Benchmark lowered Holley’s price target from $4.50 to $4.00, while keeping a buy rating. The new target still implies about 42% upside from the prior close.
• Several other firms also adjusted views on HLLY, with mixed but generally positive sentiment. The stock’s consensus rating remains Moderate Buy, and the average price target is $4.90.
• Holley reported Q1 earnings of $0.05 per share, matching estimates, but revenue of $147.33 million came in below expectations. The stock was up 11.3% on Friday to $2.82.

Holley (NYSE:HLLY - Get Free Report) had its target price lowered by equities researchers at Benchmark from $4.50 to $4.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Benchmark's price target indicates a potential upside of 42.10% from the stock's previous close.

A number of other research firms have also commented on HLLY. Weiss Ratings lowered Holley from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday. Canaccord Genuity Group lowered their price target on Holley from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Thursday. Telsey Advisory Group reissued an "outperform" rating and issued a $5.00 price target on shares of Holley in a research report on Thursday, March 5th. Raymond James Financial set a $4.00 target price on Holley in a research report on Thursday. Finally, DA Davidson set a $4.50 target price on Holley in a research report on Thursday, March 5th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $4.90.

Holley Stock Up 11.3%

HLLY stock traded up $0.29 during mid-day trading on Friday, reaching $2.82. 1,115,560 shares of the company traded hands, compared to its average volume of 802,751. The stock has a market cap of $340.45 million, a price-to-earnings ratio of 14.82 and a beta of 1.40. The company has a quick ratio of 0.96, a current ratio of 2.75 and a debt-to-equity ratio of 1.15. Holley has a fifty-two week low of $1.74 and a fifty-two week high of $4.48. The firm's 50 day moving average price is $3.23 and its 200 day moving average price is $3.68.

Holley (NYSE:HLLY - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, meeting analysts' consensus estimates of $0.05. The business had revenue of $147.33 million during the quarter, compared to analyst estimates of $152.06 million. Holley had a return on equity of 5.51% and a net margin of 3.89%. As a group, equities research analysts predict that Holley will post 0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Holley

A number of large investors have recently modified their holdings of HLLY. Cerity Partners LLC purchased a new position in shares of Holley during the 2nd quarter valued at about $25,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Holley during the 3rd quarter valued at about $34,000. State of Alaska Department of Revenue purchased a new position in shares of Holley during the 4th quarter valued at about $35,000. Chicago Partners Investment Group LLC purchased a new position in shares of Holley during the 1st quarter valued at about $35,000. Finally, Sherbrooke Park Advisers LLC purchased a new position in Holley in the 3rd quarter worth approximately $38,000. 39.70% of the stock is owned by hedge funds and other institutional investors.

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.

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