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

Key Points

• Analysts rate Holley “Moderate Buy” overall: Three analysts recommend buying, one strongly recommends buying, two rate it a hold, and one recommends selling. The average 12-month price target is $4.90.
• Holley’s latest quarterly earnings exceeded expectations, with EPS of $0.20 versus the $0.12 consensus estimate, while revenue of $172.01 million was slightly below forecasts.
• The company authorized a $25 million share buyback, allowing repurchases of up to 8.2% of outstanding shares; institutional investors currently own 39.7% of Holley’s stock.

Shares of Holley Inc. (NYSE:HLLY - Get Free Report) have been assigned an average rating of "Moderate Buy" from the seven analysts that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $4.90.

Several research analysts have weighed in on HLLY shares. Raymond James Financial set a $4.00 price objective on Holley in a research report on Thursday, May 7th. Weiss Ratings cut shares of Holley from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, August 6th. Freedom Capital downgraded shares of Holley from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. Wall Street Zen raised shares of Holley from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, Benchmark dropped their price objective on shares of Holley from $4.50 to $4.00 and set a "buy" rating for the company in a research note on Friday, May 8th.

Holley Price Performance

Holley stock opened at $3.08 on Wednesday. The company has a market capitalization of $373.99 million, a price-to-earnings ratio of 38.56 and a beta of 1.31. The company has a current ratio of 3.06, a quick ratio of 1.39 and a debt-to-equity ratio of 1.15. Holley has a 12 month low of $2.33 and a 12 month high of $4.48. The stock's 50 day moving average is $2.67 and its 200-day moving average is $3.06.

Holley (NYSE:HLLY - Get Free Report) last released 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. The business had revenue of $172.01 million during the quarter, compared to analysts' expectations of $172.63 million. Holley had a return on equity of 8.41% and a net margin of 1.68%. Equities research analysts expect that Holley will post 0.39 EPS for the current year.

Holley declared that its Board of Directors has initiated a share buyback program on Tuesday, May 26th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the company to buy up to 8.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Holley

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its position in Holley by 1.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 9,823,903 shares of the company's stock worth $30,749,000 after buying an additional 122,331 shares in the last quarter. Boston Partners increased its stake in Holley by 59.2% during the 3rd quarter. Boston Partners now owns 7,652,545 shares of the company's stock worth $24,028,000 after acquiring an additional 2,845,009 shares during the period. Wasatch Advisors LP acquired a new position in Holley in the 3rd quarter valued at $18,762,000. BlackRock Inc. acquired a new position in Holley in the 2nd quarter valued at $14,361,000. Finally, Blue Owl Capital Holdings LP acquired a new position in Holley in the 2nd quarter valued at $11,161,000. 39.70% of the stock is currently owned by institutional investors and hedge funds.

About Holley

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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