Holley (NYSE:HLLY) Upgraded at Freedom Capital

Key Points

• Freedom Capital upgraded Holley to a “strong-buy” rating, adding to a mixed set of recent analyst views that leaves the stock with a consensus “Moderate Buy” and a $4.90 target price.
• The shares were up 2.2% and opened at $2.52, well below the 52-week high of $4.48; Holley also has a market cap of about $305 million.
• Holley recently authorized a $25 million share repurchase plan, which could allow the company to buy back up to 8.2% of its stock and signals management may view the shares as undervalued.

Holley (NYSE:HLLY - Get Free Report) was upgraded by research analysts at Freedom Capital to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings cut shares of Holley from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, June 17th. Wall Street Zen lowered Holley from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Canaccord Genuity Group restated a "buy" rating and issued a $7.00 target price on shares of Holley in a research note on Monday, June 29th. 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. Finally, Raymond James Financial set a $4.00 price target on Holley in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $4.90.

Holley Trading Up 2.2%

Shares of NYSE:HLLY opened at $2.52 on Tuesday. Holley has a 52-week low of $1.98 and a 52-week high of $4.48. The stock has a market cap of $305.47 million, a price-to-earnings ratio of 13.24 and a beta of 1.33. The company has a quick ratio of 1.07, a current ratio of 3.17 and a debt-to-equity ratio of 1.16. The business has a 50-day moving average price of $2.63 and a 200-day moving average price of $3.34.

Holley (NYSE:HLLY - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, meeting analysts' consensus estimates of $0.05. Holley had a return on equity of 5.46% and a net margin of 3.89%.The firm had revenue of $147.33 million for the quarter, compared to analyst estimates of $152.06 million. Equities analysts predict that Holley will post 0.31 EPS for the current year.

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

Institutional Trading of Holley

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its holdings in Holley by 1.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,823,903 shares of the company's stock valued at $30,749,000 after purchasing an additional 122,331 shares in the last quarter. Boston Partners lifted its stake in shares of Holley by 59.2% in the third quarter. Boston Partners now owns 7,652,545 shares of the company's stock worth $24,028,000 after buying an additional 2,845,009 shares in the last quarter. Wasatch Advisors LP acquired a new position in Holley during the third quarter worth about $18,762,000. Vanguard Group Inc. grew its stake in Holley by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 3,677,058 shares of the company's stock valued at $11,546,000 after acquiring an additional 110,170 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Holley by 25.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,447,266 shares of the company's stock valued at $7,512,000 after acquiring an additional 495,923 shares during the last quarter. 39.70% of the stock is currently owned by hedge funds and other institutional investors.

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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