Holley (NYSE:HLLY) Share Price Breaks Above 50-Day Moving Average Following Analyst Downgrade

Key Points

• Holley shares rose above their 50-day moving average of $2.58, reaching $2.62 and last trading at $2.615, after Zacks Research upgraded the stock from hold to strong buy.
• Analyst opinions remain mixed: MarketBeat reports an average rating of “Hold” and an average price target of $4.00, with ratings ranging from sell to buy.
• Holley’s latest quarterly results missed estimates, reporting EPS of $0.06 versus $0.07 expected and revenue of $141.56 million versus $145.80 million forecast.

Holley Inc. (NYSE:HLLY - Get Free Report)'s stock price passed above its 50-day moving average during trading on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock has a 50-day moving average of $2.58 and traded as high as $2.62. Holley shares last traded at $2.6150, with a volume of 2,666,603 shares changing hands.

Other research analysts also recently issued research reports about the company. Benchmark reduced their price target on Holley from $4.50 to $4.00 and set a "buy" rating for the company in a report on Friday, May 8th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $7.00 target price on shares of Holley in a research report on Monday, June 29th. Freedom Capital upgraded Holley to a "strong-buy" rating in a research note on Tuesday, July 7th. Raymond James Financial set a $4.00 price target on shares of Holley in a research report on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of Holley from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $4.00.

Institutional Investors Weigh In On Holley

Several institutional investors and hedge funds have recently made changes to their positions in HLLY. Bank of America Corp DE acquired a new stake in shares of Holley during the second quarter worth $4,638,000. BlackRock Inc. acquired a new position in shares of Holley in the 2nd quarter valued at about $14,361,000. Blue Owl Capital Holdings LP bought a new stake in shares of Holley during the 2nd quarter valued at about $11,161,000. Dimensional Fund Advisors LP grew its position in shares of Holley by 25.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,447,266 shares of the company's stock valued at $7,512,000 after buying an additional 495,923 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in Holley during the second quarter worth about $1,499,000. 39.70% of the stock is owned by institutional investors and hedge funds.

Holley Trading Up 24.5%

The company has a quick ratio of 1.39, a current ratio of 3.06 and a debt-to-equity ratio of 1.15. The firm's 50 day moving average is $2.58 and its two-hundred day moving average is $2.97. The stock has a market cap of $317.02 million, a price-to-earnings ratio of 17.43 and a beta of 1.44.

Holley (NYSE:HLLY - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). The company had revenue of $141.56 million during the quarter, compared to analyst estimates of $145.80 million. Holley had a net margin of 1.68% and a return on equity of 8.41%. Equities analysts anticipate that Holley Inc. will post 0.39 EPS for the current year.

About Holley

Holley Inc is an automotive aftermarket company that designs, manufactures and distributes performance products for cars, trucks, powersports vehicles and other enthusiast applications. Its offerings include fuel systems, engine and ignition components, exhaust products, suspension and driveline components, electronic controls, vehicle accessories and safety equipment.

The company serves do-it-yourself consumers, professional installers, racing teams, automotive enthusiasts and original equipment manufacturers through a portfolio of established aftermarket brands.

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