Goldman Sachs Group Inc. Sells 323,629 Shares of Holley Inc. $HLLY

Key Points

• Goldman Sachs Group Inc. has significantly reduced its stake in Holley Inc. by selling 323,629 shares, resulting in a 73% decrease in their holdings, leaving them with approximately 119,622 shares valued at $307,000.
• Multiple institutional investors are actively trading shares of Holley, with Boston Partners increasing their holdings by 65.5% to over 2.6 million shares, while Bank of America Corp DE raised its position by 53.4%.
• Despite missing earnings estimates for the latest quarter, Holley received positive ratings from several analysts, resulting in an average rating of "Buy" with a consensus price target of $3.75.

Goldman Sachs Group Inc. reduced its holdings in shares of Holley Inc. (NYSE:HLLY - Free Report) by 73.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,622 shares of the company's stock after selling 323,629 shares during the period. Goldman Sachs Group Inc. owned approximately 0.10% of Holley worth $307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Boston Partners boosted its holdings in shares of Holley by 65.5% during the first quarter. Boston Partners now owns 2,600,799 shares of the company's stock worth $6,680,000 after purchasing an additional 1,029,495 shares during the last quarter. Bank of America Corp DE raised its position in shares of Holley by 53.4% in the fourth quarter. Bank of America Corp DE now owns 1,076,956 shares of the company's stock valued at $3,252,000 after purchasing an additional 374,691 shares during the period. Nuveen LLC bought a new stake in shares of Holley in the first quarter valued at about $515,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Holley by 1.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,337,982 shares of the company's stock valued at $26,569,000 after purchasing an additional 170,132 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Holley by 12.4% during the first quarter. Russell Investments Group Ltd. now owns 920,936 shares of the company's stock worth $2,367,000 after purchasing an additional 101,800 shares in the last quarter. 39.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

HLLY has been the subject of a number of research analyst reports. Telsey Advisory Group reiterated an "outperform" rating and set a $2.75 price objective on shares of Holley in a research report on Thursday, July 31st. Canaccord Genuity Group increased their target price on Holley from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Raymond James Financial increased their price objective on Holley from $2.25 to $3.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Wall Street Zen raised Holley from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Benchmark raised Holley from a "hold" rating to a "buy" rating and set a $4.00 target price on the stock in a report on Friday, August 8th. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $3.75.

Insider Transactions at Holley

In other Holley news, Director David S. Lobel sold 2,100,000 shares of the company's 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 sale, the director directly owned 24,654,834 shares of the company's stock, valued at approximately $64,842,213.42. This represents a 7.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.92% of the stock is currently owned by company insiders.

Holley Price Performance

NYSE HLLY opened at $3.26 on Friday. The stock has a market capitalization of $392.23 million, a PE ratio of -12.52 and a beta of 1.42. The company has a 50 day moving average price of $3.20 and a two-hundred day moving average price of $2.54. The company has a quick ratio of 1.18, a current ratio of 2.93 and a debt-to-equity ratio of 1.24. Holley Inc. has a 12-month low of $1.60 and a 12-month high of $4.09.

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

About Holley

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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