Holley (NYSE:HLLY) Given New $6.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has increased Holley's price target from $5.00 to $6.00, indicating a potential upside of 105.83% from the current stock price.
• Holley shares have recently traded up 8.8%, reaching $2.92, with a trading volume significantly above its average.
• Despite Holley reporting a loss per share in its latest earnings, the stock remains rated as a "Moderate Buy" by analysts, with an average target price of $3.95.

Holley (NYSE:HLLY - Get Free Report) had its price objective boosted by equities research analysts at Canaccord Genuity Group from $5.00 to $6.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 105.83% from the stock's previous close.

HLLY has been the topic of several other reports. Telsey Advisory Group reissued an "outperform" rating and issued a $2.75 target price on shares of Holley in a research report on Thursday, July 31st. Benchmark cut Holley from a "buy" rating to a "hold" rating and set a $5.00 target price on the stock. in a research report on Friday, May 9th. Truist Financial dropped their target price on Holley from $5.00 to $3.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Raymond James Financial lifted their price objective on Holley from $2.25 to $3.00 and gave the company an "outperform" rating in a research report on Thursday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Holley has an average rating of "Moderate Buy" and an average target price of $3.95.

Holley Stock Up 8.8%

Shares of NYSE HLLY traded up $0.24 during trading on Thursday, reaching $2.92. The company had a trading volume of 1,118,036 shares, compared to its average volume of 526,715. Holley has a 12-month low of $1.60 and a 12-month high of $3.46. The stock has a market cap of $350.33 million, a PE ratio of -13.88 and a beta of 1.35. The business's 50-day moving average is $2.14 and its 200 day moving average is $2.37. The company has a quick ratio of 0.98, a current ratio of 2.86 and a debt-to-equity ratio of 1.28.

Holley (NYSE:HLLY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.01). The business had revenue of $166.66 million for the quarter, compared to analysts' expectations of $162.67 million. Holley had a negative net margin of 4.05% and a positive return on equity of 6.18%. As a group, equities analysts forecast that Holley will post 0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in HLLY. Boston Partners lifted its holdings in Holley by 65.5% in the 1st quarter. Boston Partners now owns 2,600,799 shares of the company's stock worth $6,680,000 after purchasing an additional 1,029,495 shares in the last quarter. Bamco Inc. NY boosted its holdings in shares of Holley by 33.3% during the 4th quarter. Bamco Inc. NY now owns 4,000,000 shares of the company's stock valued at $12,080,000 after purchasing an additional 1,000,000 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Holley by 12,719.0% in the fourth quarter. Russell Investments Group Ltd. now owns 819,136 shares of the company's stock worth $2,474,000 after purchasing an additional 812,746 shares during the last quarter. Mink Brook Asset Management LLC purchased a new stake in shares of Holley in the fourth quarter worth about $1,666,000. Finally, Blue Owl Capital Holdings LP boosted its stake in Holley by 17.3% during the fourth quarter. Blue Owl Capital Holdings LP now owns 2,990,294 shares of the company's stock valued at $9,031,000 after buying an additional 440,040 shares during the last quarter. 39.70% of the stock is owned by hedge funds and other institutional investors.

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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