Holley Inc. $HLLY Stake Raised by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Holley Inc. by 20.4%, owning a total of 473,950 shares valued at approximately $1.2 million.
• Holley received several upgrades from analysts, with a consensus rating of "Buy" and a price target of $3.75 following multiple ratings adjustments by firms like Benchmark and Raymond James.
• The company reported earnings of $0.09 per share for the last quarter, slightly missing estimates, but generated revenue of $166.66 million, exceeding expectations.

Charles Schwab Investment Management Inc. boosted its holdings in shares of Holley Inc. (NYSE:HLLY - Free Report) by 20.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 473,950 shares of the company's stock after acquiring an additional 80,366 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.40% of Holley worth $1,218,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bamco Inc. NY raised its holdings in shares of Holley by 33.3% in the 4th quarter. Bamco Inc. NY now owns 4,000,000 shares of the company's stock valued at $12,080,000 after buying an additional 1,000,000 shares during the period. Mink Brook Asset Management LLC acquired a new position in Holley in the 4th quarter valued at about $1,666,000. Bank of America Corp DE grew its position in Holley by 53.4% in the 4th quarter. Bank of America Corp DE now owns 1,076,956 shares of the company's stock valued at $3,252,000 after acquiring an additional 374,691 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Holley in the 4th quarter valued at about $1,058,000. Finally, Allspring Global Investments Holdings LLC grew its position in Holley by 1.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,337,982 shares of the company's stock valued at $26,569,000 after acquiring an additional 170,132 shares in the last quarter. Institutional investors and hedge funds own 39.70% of the company's stock.

Holley Stock Performance

Shares of HLLY traded down $0.11 during mid-day trading on Friday, hitting $3.85. The stock had a trading volume of 485,963 shares, compared to its average volume of 745,017. The company has a market cap of $463.93 million, a PE ratio of -14.81 and a beta of 1.42. The company's fifty day simple moving average is $2.87 and its two-hundred day simple moving average is $2.48. 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 fifty-two week low of $1.60 and a fifty-two week high of $4.09.

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

Analyst Ratings Changes

Several equities analysts have weighed in on HLLY shares. Canaccord Genuity Group lifted 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. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $2.75 target price on shares of Holley in a research report on Thursday, July 31st. Raymond James Financial lifted their target price on Holley from $2.25 to $3.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Wall Street Zen raised Holley from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Benchmark raised Holley from a "hold" rating to a "buy" rating and set a $4.00 price target on the stock in a research report on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $3.75.

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.