Holley Inc. (NYSE:HLLY) Receives Average Recommendation of "Buy" from Analysts

Key Points

• Holley Inc. has received a consensus recommendation of "Buy" from five analysts, with an average one-year price target of $3.75.
• Director David S. Lobel sold 14 million shares at an average price of $2.63, decreasing his position by 34.35%, while insiders collectively own 0.92% of the company.
• Several institutional investors increased their holdings in Holley during the second quarter, with Boston Partners growing their stake by 84.8%.

Holley Inc. (NYSE:HLLY - Get Free Report) has earned a consensus recommendation of "Buy" from the five ratings firms that are currently covering the stock, Marketbeat reports. Five analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have issued a report on the stock in the last year is $3.75.

A number of equities research analysts have recently weighed in on the company. Telsey Advisory Group reaffirmed an "outperform" rating and set a $2.75 price target on shares of Holley in a report on Thursday, July 31st. Benchmark raised Holley from a "hold" rating to a "buy" rating and set a $4.00 price target on the stock in a report on Friday, August 8th. Wall Street Zen raised Holley from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Canaccord Genuity Group boosted their target price on Holley from $5.00 to $6.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Raymond James Financial lifted their price target on shares of Holley from $2.25 to $3.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th.

Insider Activity at Holley

In other news, Director David S. Lobel sold 14,000,000 shares of the business's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $2.63, for a total transaction of $36,820,000.00. Following the transaction, the director directly owned 26,754,834 shares in the company, valued at $70,365,213.42. The trade was a 34.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Holley

Several institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its holdings in shares of Holley by 2.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 10,613,820 shares of the company's stock valued at $22,289,000 after acquiring an additional 275,838 shares in the last quarter. Boston Partners grew its holdings in shares of Holley by 84.8% during the 2nd quarter. Boston Partners now owns 4,807,536 shares of the company's stock valued at $9,615,000 after acquiring an additional 2,206,737 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Holley by 2.4% in the 2nd quarter. Bank of America Corp DE now owns 1,498,337 shares of the company's stock valued at $2,997,000 after purchasing an additional 34,947 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Holley by 9.0% in the 2nd quarter. Geode Capital Management LLC now owns 1,320,321 shares of the company's stock valued at $2,641,000 after purchasing an additional 108,964 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Holley by 145.6% in the 2nd quarter. Franklin Resources Inc. now owns 1,248,020 shares of the company's stock valued at $2,496,000 after purchasing an additional 739,912 shares during the last quarter. 39.70% of the stock is currently owned by hedge funds and other institutional investors.

Holley Stock Performance

HLLY opened at $3.26 on Friday. The business's 50 day moving average is $3.20 and its 200-day moving average is $2.54. The stock has a market cap of $392.23 million, a PE ratio of -12.52 and a beta of 1.42. The company has a current ratio of 2.93, a quick ratio of 1.18 and a debt-to-equity ratio of 1.24. Holley has a twelve month low of $1.60 and a twelve month high of $4.09.

Holley (NYSE:HLLY - Get Free Report) last released 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 business had revenue of $166.66 million for the quarter, compared to the consensus estimate of $162.67 million. Holley had a negative net margin of 5.12% and a positive return on equity of 5.81%. On average, analysts predict that Holley will post 0.12 earnings per share for the current 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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