Holley (NYSE:HLLY) Downgraded to "Hold" Rating by Freedom Capital

Key Points

• Freedom Capital downgraded Holley from “strong buy” to “hold,” although analysts overall maintain a “Moderate Buy” consensus with an average price target of $4.90.
• Holley shares fell 5.8% to $2.98, with the stock trading between a 12-month low of $2.33 and high of $4.48.
• The company exceeded quarterly EPS expectations, reporting $0.20 versus the $0.12 consensus, and has authorized a $25 million share buyback covering up to 8.2% of outstanding shares.

Holley (NYSE:HLLY - Get Free Report) was downgraded by equities research analysts at Freedom Capital from a "strong-buy" rating to a "hold" rating in a research report issued on Thursday,Zacks.com reports.

A number of other research analysts have also recently issued reports on HLLY. Wall Street Zen raised Holley from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $7.00 price objective on shares of Holley in a research report on Monday, June 29th. Zacks Research upgraded Holley from a "hold" rating to a "strong-buy" rating in a research note on Monday. Raymond James Financial set a $4.00 price objective on Holley in a research report on Thursday, May 7th. Finally, Benchmark reduced their price target on Holley from $4.50 to $4.00 and set a "buy" rating for the company in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $4.90.

Holley Trading Down 5.8%

Shares of HLLY opened at $2.98 on Thursday. The business's 50-day moving average price is $2.64 and its 200-day moving average price is $3.08. The stock has a market cap of $362.56 million, a PE ratio of 37.31 and a beta of 1.31. The company has a quick ratio of 1.39, a current ratio of 3.06 and a debt-to-equity ratio of 1.15. Holley has a twelve month low of $2.33 and a twelve month high of $4.48.

Holley (NYSE:HLLY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.08. The company had revenue of $172.01 million for the quarter, compared to the consensus estimate of $172.63 million. Holley had a return on equity of 8.41% and a net margin of 1.68%. On average, equities analysts forecast that Holley will post 0.39 EPS for the current fiscal year.

Holley declared that its board has authorized a share buyback plan on Tuesday, May 26th that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the company to buy up to 8.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Institutional Trading of Holley

Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its holdings in Holley by 25.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,447,266 shares of the company's stock worth $7,512,000 after acquiring an additional 495,923 shares in the last quarter. Wasatch Advisors LP lifted its stake in Holley by 35.1% during the 2nd quarter. Wasatch Advisors LP now owns 4,887,038 shares of the company's stock valued at $12,462,000 after acquiring an additional 1,269,256 shares during the period. Hillsdale Investment Management Inc. boosted its holdings in Holley by 76,322.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 1,910,561 shares of the company's stock valued at $7,891,000 after purchasing an additional 1,908,061 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Holley by 5.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,646,748 shares of the company's stock worth $5,056,000 after buying an additional 84,837 shares during the last quarter. Finally, State of Wyoming boosted its position in Holley by 292.8% in the 1st quarter. State of Wyoming now owns 125,425 shares of the company's stock worth $385,000 after purchasing an additional 93,497 shares in the last quarter. 39.70% of the stock is currently owned by institutional investors.

Holley Company 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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