Allspring Global Investments Holdings LLC Has $22.29 Million Stake in Holley Inc. $HLLY

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Holley Inc. by 2.7% during the second quarter, now owning approximately 8.83% of the company worth $22.29 million.
• Several hedge funds have significantly boosted their positions in Holley, with Nisa Investment Advisors LLC's holdings rising by 994.4% in the first quarter, representing a growing interest from institutional investors.
• Analyst reports show a mixed outlook for Holley, with five analysts rating it as a "buy" and one as a "sell," and a current average target price of $3.75.

Allspring Global Investments Holdings LLC increased its stake in shares of Holley Inc. (NYSE:HLLY - Free Report) by 2.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,613,820 shares of the company's stock after acquiring an additional 275,838 shares during the period. Allspring Global Investments Holdings LLC owned about 8.83% of Holley worth $22,289,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nisa Investment Advisors LLC raised its holdings in shares of Holley by 994.4% during the first quarter. Nisa Investment Advisors LLC now owns 16,536 shares of the company's stock worth $42,000 after acquiring an additional 15,025 shares during the period. KPP Advisory Services LLC bought a new position in Holley in the first quarter valued at $99,000. Kovitz Investment Group Partners LLC bought a new position in Holley in the first quarter valued at $123,000. M&T Bank Corp grew its position in Holley by 40.0% in the first quarter. M&T Bank Corp now owns 56,331 shares of the company's stock valued at $145,000 after purchasing an additional 16,089 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Holley by 17.6% in the first quarter. American Century Companies Inc. now owns 107,960 shares of the company's stock valued at $277,000 after purchasing an additional 16,168 shares in the last quarter. 39.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

HLLY has been the subject of a number of analyst reports. Canaccord Genuity Group raised their target price on shares of Holley from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Benchmark raised shares of Holley from a "hold" rating to a "buy" rating and set a $4.00 target price for the company in a research report on Friday, August 8th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Holley in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Holley from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Telsey Advisory Group reissued an "outperform" rating and issued a $2.75 price objective on shares of Holley in a research report on Thursday, July 31st. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Holley presently has an average rating of "Moderate Buy" and an average target price of $3.75.

Holley Stock Performance

Shares of HLLY opened at $2.96 on Friday. The firm has a 50-day moving average of $3.41 and a 200-day moving average of $2.59. Holley Inc. has a one year low of $1.60 and a one year high of $4.09. The company has a market cap of $356.68 million, a PE ratio of -11.38 and a beta of 1.36. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.93 and a quick ratio of 1.18.

Holley (NYSE:HLLY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.01). The company had revenue of $166.66 million for the quarter, compared to the consensus estimate of $162.67 million. Holley had a positive return on equity of 5.81% and a negative net margin of 5.12%. As a group, equities analysts forecast that Holley Inc. will post 0.12 earnings per share for the current year.

Insider Activity at Holley

In related news, Director David S. Lobel sold 2,100,000 shares of Holley stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $2.63, for a total transaction of $5,523,000.00. Following the completion of the sale, the director owned 24,654,834 shares of the company's stock, valued at approximately $64,842,213.42. The trade was a 7.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.92% of the company's stock.

Holley 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.

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