Holley Inc. (NYSE:HLLY) Sees Large Decrease in Short Interest

Holley Inc. (NYSE:HLLY) was the recipient of a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 2,090,000 shares, a decrease of 8.7% from the March 15th total of 2,290,000 shares. Currently, 4.0% of the shares of the stock are sold short. Based on an average daily volume of 298,100 shares, the short-interest ratio is currently 7.0 days.

Analysts Set New Price Targets

Several research firms have recently weighed in on HLLY. Truist Financial dropped their price target on shares of Holley from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, February 29th. Benchmark reissued a “buy” rating and issued a $12.00 price target on shares of Holley in a research note on Thursday, March 28th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $9.00 price objective on shares of Holley in a research report on Thursday, February 29th. JPMorgan Chase & Co. cut shares of Holley from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $6.50 to $5.00 in a research report on Tuesday, February 20th. Finally, Canaccord Genuity Group lowered their price objective on shares of Holley from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.75.

Holley Price Performance

Shares of HLLY remained flat at $4.15 during midday trading on Wednesday. 216,534 shares of the stock were exchanged, compared to its average volume of 230,204. Holley has a fifty-two week low of $2.08 and a fifty-two week high of $8.06. The business has a fifty day moving average price of $4.44 and a two-hundred day moving average price of $4.48. The firm has a market capitalization of $493.02 million, a P/E ratio of 24.38 and a beta of 1.52. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.12 and a current ratio of 3.17.

Holley (NYSE:HLLY) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. Holley had a net margin of 2.91% and a return on equity of 5.77%. The business had revenue of $155.70 million for the quarter, compared to analyst estimates of $153.26 million. During the same period last year, the business earned ($0.19) EPS. The company’s revenue was up 1.0% on a year-over-year basis. On average, sell-side analysts forecast that Holley will post 0.33 earnings per share for the current year.

Insider Buying and Selling

In other Holley news, Director Graham Clempson acquired 59,076 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average price of $4.18 per share, with a total value of $246,937.68. Following the purchase, the director now owns 63,851 shares in the company, valued at $266,897.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HLLY. Wasatch Advisors Inc. grew its position in shares of Holley by 40.6% in the 1st quarter. Wasatch Advisors Inc. now owns 14,820,059 shares of the company’s stock valued at $206,147,000 after buying an additional 4,280,253 shares during the last quarter. Vanguard Group Inc. grew its position in Holley by 38.4% during the 3rd quarter. Vanguard Group Inc. now owns 2,889,896 shares of the company’s stock worth $11,704,000 after purchasing an additional 801,808 shares during the last quarter. State Street Corp grew its position in Holley by 360.5% during the 2nd quarter. State Street Corp now owns 727,121 shares of the company’s stock worth $7,635,000 after purchasing an additional 569,220 shares during the last quarter. Bamco Inc. NY grew its position in Holley by 11.1% during the 3rd quarter. Bamco Inc. NY now owns 5,000,000 shares of the company’s stock worth $24,950,000 after purchasing an additional 500,000 shares during the last quarter. Finally, BlackRock Inc. grew its position in Holley by 13.2% during the 2nd quarter. BlackRock Inc. now owns 3,472,901 shares of the company’s stock worth $14,204,000 after purchasing an additional 405,570 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.