Holley (NYSE:HLLY) Shares Up 5.7% – Here’s What Happened

Holley Inc. (NYSE:HLLY)’s share price was up 5.7% on Friday . The company traded as high as $2.53 and last traded at $2.4950. 3,566,019 shares were traded during trading, an increase of 394% from the average daily volume of 722,096 shares. The stock had previously closed at $2.36.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Canaccord Genuity Group decreased their price objective on shares of Holley from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Wall Street Zen cut Holley from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Holley in a report on Thursday, March 5th. Raymond James Financial set a $4.00 price target on Holley in a research note on Thursday, May 7th. Finally, Weiss Ratings cut Holley from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, June 17th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $4.90.

Holley Stock Up 5.7%

The firm’s fifty day moving average is $2.77 and its 200-day moving average is $3.44. The company has a market capitalization of $303.05 million, a P/E ratio of 13.13 and a beta of 1.32. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.07 and a current ratio of 3.17.

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

Holley declared that its Board of Directors has approved a share buyback plan on Tuesday, May 26th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the company to purchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Holley

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cerity Partners LLC bought a new position in Holley in the second quarter valued at about $25,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Holley during the third quarter worth about $34,000. State of Alaska Department of Revenue bought a new stake in shares of Holley during the fourth quarter worth about $35,000. Chicago Partners Investment Group LLC bought a new position in Holley in the 1st quarter valued at approximately $35,000. Finally, Sherbrooke Park Advisers LLC bought a new position in Holley in the 3rd quarter valued at approximately $38,000. Institutional investors own 39.70% of the company’s stock.

Holley Company Profile

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.