Holley (NYSE:HLLY) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Holley to “strong buy” from “hold.” Other analysts have also issued positive ratings, giving the stock an overall “Moderate Buy” consensus and an average price target of $4.90.
• Holley’s latest quarterly results exceeded expectations, with earnings of $0.20 per share versus the $0.12 estimate, although revenue of $172.01 million was slightly below forecasts.
• The company approved a $25 million share-repurchase program, authorizing buybacks of up to 8.2% of outstanding shares; institutional investors own approximately 39.7% of Holley.

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

Several other brokerages also recently weighed in on HLLY. Canaccord Genuity Group reiterated a "buy" rating and issued a $7.00 target price on shares of Holley in a research note on Monday, June 29th. Wall Street Zen upgraded shares of Holley from a "hold" rating to a "buy" rating in a research report on Saturday. Freedom Capital raised shares of Holley to a "strong-buy" rating in a research note on Tuesday, July 7th. Raymond James Financial set a $4.00 target price on shares of Holley in a research note on Thursday, May 7th. Finally, Weiss Ratings downgraded shares of Holley from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $4.90.

Holley Stock Down 1.1%

Shares of NYSE:HLLY opened at $3.12 on Monday. Holley has a 1-year low of $2.33 and a 1-year high of $4.48. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.06 and a quick ratio of 1.39. The stock has a market cap of $378.35 million, a P/E ratio of 38.94 and a beta of 1.31. The firm has a fifty day moving average price of $2.62 and a 200 day moving average price of $3.10.

Holley (NYSE:HLLY - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.20 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.08. Holley had a net margin of 1.68% and a return on equity of 8.41%. The business had revenue of $172.01 million during the quarter, compared to analysts' expectations of $172.63 million. Sell-side analysts predict that Holley will post 0.39 EPS for the current year.

Holley announced that its board has approved a share repurchase plan on Tuesday, May 26th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the company to buy up to 8.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Institutional Trading of Holley

A number of institutional investors have recently added to or reduced their stakes in HLLY. Deutsche Bank AG increased its stake in shares of Holley by 7.2% during the 4th quarter. Deutsche Bank AG now owns 48,294 shares of the company's stock valued at $199,000 after acquiring an additional 3,251 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Holley by 37.1% in the fourth quarter. ProShare Advisors LLC now owns 13,961 shares of the company's stock worth $58,000 after acquiring an additional 3,777 shares during the last quarter. State Street Corp grew its holdings in Holley by 0.3% in the fourth quarter. State Street Corp now owns 1,141,534 shares of the company's stock valued at $4,715,000 after purchasing an additional 3,788 shares during the period. Verition Fund Management LLC increased its position in Holley by 10.7% during the fourth quarter. Verition Fund Management LLC now owns 47,831 shares of the company's stock worth $198,000 after purchasing an additional 4,638 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Holley by 16.7% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,542 shares of the company's stock worth $65,000 after purchasing an additional 4,661 shares during the last quarter. Hedge funds and other institutional investors own 39.70% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source