Wasatch Advisors LP Has $12.46 Million Stock Holdings in Holley Inc. $HLLY

Key Points

• Wasatch Advisors increased its Holley holdings by 35.1% in the second quarter, adding 1.27 million shares to reach 4.89 million shares valued at $12.46 million, or 4.02% of the company.
• Analyst sentiment is mixed but leans positive: Holley has a consensus “Moderate Buy” rating and an average price target of $4.90, compared with shares opening at $3.18.
• Holley exceeded quarterly earnings expectations, reporting $0.20 in EPS versus the $0.12 consensus estimate, while its board authorized a $25 million stock buyback covering up to 8.2% of shares.

Wasatch Advisors LP increased its holdings in shares of Holley Inc. (NYSE:HLLY - Free Report) by 35.1% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,887,038 shares of the company's stock after purchasing an additional 1,269,256 shares during the quarter. Wasatch Advisors LP owned 4.02% of Holley worth $12,462,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of HLLY. Cerity Partners LLC bought a new position in Holley in the second quarter valued at approximately $25,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Holley during the third quarter worth $34,000. Chicago Partners Investment Group LLC acquired a new stake in shares of Holley during the first quarter worth $35,000. State of Alaska Department of Revenue acquired a new stake in shares of Holley during the fourth quarter worth $35,000. Finally, Sherbrooke Park Advisers LLC bought a new stake in Holley in the 3rd quarter valued at $38,000. 39.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Zacks Research upgraded Holley from a "hold" rating to a "strong-buy" rating in a report on Monday. Raymond James Financial set a $4.00 price target on Holley in a report on Thursday, May 7th. Weiss Ratings cut Holley from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, August 6th. Canaccord Genuity Group reiterated a "buy" rating and set a $7.00 price objective on shares of Holley in a report on Monday, June 29th. Finally, Freedom Capital raised Holley to a "strong-buy" rating in a research report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Holley currently has an average rating of "Moderate Buy" and a consensus price target of $4.90.

Holley Stock Performance

Shares of NYSE HLLY opened at $3.18 on Thursday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.39 and a current ratio of 3.06. The stock has a 50 day moving average price of $2.63 and a 200 day moving average price of $3.09. The stock has a market capitalization of $386.24 million, a PE ratio of 39.75 and a beta of 1.31. Holley Inc. has a 52 week low of $2.33 and a 52 week high of $4.48.

Holley (NYSE:HLLY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.08. Holley had a return on equity of 8.41% and a net margin of 1.68%.The firm had revenue of $172.01 million for the quarter, compared to analyst estimates of $172.63 million. Analysts predict that Holley Inc. will post 0.39 earnings per share for the current fiscal year.

Holley declared that its Board of Directors has authorized a stock buyback plan on Tuesday, May 26th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 8.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.

Holley 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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