Short Interest in Holley Inc. (NYSE:HLLY) Drops By 25.7%

Key Points

• Holley Inc. experienced a significant decline in short interest of 25.7%, falling to 1,390,000 shares as of August 15th.
• Multiple institutional investors, including Boston Partners and Franklin Resources Inc., have notably increased their holdings in Holley, indicating a strong investment interest.
• Several analysts have upgraded Holley's stock rating to "buy", with a consensus price target of $3.75, reflecting positive market sentiment.

Holley Inc. (NYSE:HLLY - Get Free Report) was the target of a significant decline in short interest in the month of August. As of August 15th, there was short interest totaling 1,390,000 shares, adeclineof25.7% from the July 31st total of 1,870,000 shares. Currently,2.7% of the company's shares are short sold. Based on an average daily trading volume, of 652,400 shares, the short-interest ratio is currently 2.1 days. Based on an average daily trading volume, of 652,400 shares, the short-interest ratio is currently 2.1 days. Currently,2.7% of the company's shares are short sold.

Institutional Trading of Holley

Several institutional investors and hedge funds have recently bought and sold shares of the company. Boston Partners raised its position in shares of Holley by 84.8% during the 2nd quarter. Boston Partners now owns 4,807,536 shares of the company's stock valued at $9,615,000 after buying an additional 2,206,737 shares in the last quarter. Franklin Resources Inc. raised its position in Holley by 145.6% in the 2nd quarter. Franklin Resources Inc. now owns 1,248,020 shares of the company's stock worth $2,496,000 after purchasing an additional 739,912 shares during the period. Mink Brook Asset Management LLC purchased a new position in Holley in the 4th quarter worth $1,666,000. Bank of America Corp DE raised its position in Holley by 53.4% in the 4th quarter. Bank of America Corp DE now owns 1,076,956 shares of the company's stock worth $3,252,000 after purchasing an additional 374,691 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in Holley by 2.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 10,613,820 shares of the company's stock worth $22,289,000 after purchasing an additional 275,838 shares during the period. 39.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

HLLY has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Holley from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Raymond James Financial upped their price objective on shares of Holley from $2.25 to $3.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Telsey Advisory Group reiterated an "outperform" rating and set a $2.75 price objective on shares of Holley in a report on Thursday, July 31st. Benchmark upgraded shares of Holley from a "hold" rating to a "buy" rating and set a $4.00 price objective on the stock in a report on Friday, August 8th. Finally, Canaccord Genuity Group upped their price objective on shares of Holley from $5.00 to $6.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $3.75.

Holley Stock Performance

Shares of Holley stock traded down $0.16 on Monday, reaching $3.74. 295,513 shares of the company traded hands, compared to its average volume of 708,489. Holley has a 52 week low of $1.60 and a 52 week high of $4.09. The company has a 50 day moving average of $2.90 and a 200 day moving average of $2.48. The firm has a market capitalization of $450.07 million, a PE ratio of -14.37 and a beta of 1.41. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.93 and a quick ratio of 1.18.

Holley (NYSE:HLLY - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.01). The company had revenue of $166.66 million for the quarter, compared to the consensus estimate of $162.67 million. Holley had a negative net margin of 5.12% and a positive return on equity of 5.81%. Equities analysts forecast that Holley will post 0.12 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.