1,818,851 Shares of Holley Inc. $HLLY Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 1.82 million Holley shares during the second quarter, valued at approximately $4.64 million and representing a 1.5% stake. Institutional investors and hedge funds collectively own 39.7% of Holley.
• Holley reported quarterly EPS of $0.20, beating analyst expectations of $0.12, while revenue reached $172.01 million, slightly below the $172.63 million consensus estimate.
• HLLY shares were trading at $2.40, down 2.6%. Analysts’ consensus rating is “Moderate Buy”, with a $4.90 average price target.

Bank of America Corp DE bought a new stake in Holley Inc. (NYSE:HLLY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,818,851 shares of the company's stock, valued at approximately $4,638,000. Bank of America Corp DE owned 1.50% of Holley as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in HLLY. Chicago Partners Investment Group LLC acquired a new position in Holley during the first quarter valued at approximately $35,000. The Manufacturers Life Insurance Company bought a new stake in Holley during the second quarter worth $52,000. ProShare Advisors LLC boosted its holdings in shares of Holley by 37.1% in the 4th quarter. ProShare Advisors LLC now owns 13,961 shares of the company's stock valued at $58,000 after purchasing an additional 3,777 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Holley in the 2nd quarter valued at $98,000. Finally, R Squared Ltd increased its stake in shares of Holley by 122.4% in the 1st quarter. R Squared Ltd now owns 33,606 shares of the company's stock valued at $103,000 after purchasing an additional 18,497 shares during the last quarter. 39.70% of the stock is currently owned by institutional investors and hedge funds.

Holley Trading Down 2.6%

NYSE HLLY opened at $2.40 on Tuesday. The company has a market cap of $291.56 million, a price-to-earnings ratio of 30.06 and a beta of 1.32. Holley Inc. has a twelve month low of $2.33 and a twelve month high of $4.48. The company has a quick ratio of 1.39, a current ratio of 3.06 and a debt-to-equity ratio of 1.15. The business's fifty day moving average is $2.83 and its 200 day moving average is $2.81.

Holley (NYSE:HLLY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.08. The business had revenue of $172.01 million during the quarter, compared to analysts' expectations of $172.63 million. Holley had a return on equity of 8.41% and a net margin of 1.68%. As a group, sell-side analysts expect that Holley Inc. will post 0.39 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on HLLY. Canaccord Genuity Group restated a "buy" rating and set a $7.00 price objective on shares of Holley in a research report on Monday, June 29th. Zacks Research upgraded Holley from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Freedom Capital downgraded Holley from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. Weiss Ratings cut shares of Holley from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of Holley from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Holley currently has a consensus rating of "Moderate Buy" and a consensus price target of $4.90.

About Holley

Holley Inc NYSE: HLLY is an automotive aftermarket company that designs, manufactures and distributes performance products for cars, trucks, powersports vehicles and racing applications. Its offerings are intended for automotive enthusiasts, professional racers, installers and do-it-yourself customers seeking to improve vehicle performance, appearance, sound and functionality.

The company's product portfolio includes fuel systems and electronic fuel injection systems, carburetors, ignition components, engine-management products, tuners, exhaust systems, headers, intake systems, suspension components and other engine and vehicle accessories.

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