Holley (NYSE:HLLY) Rating Increased to Strong-Buy at Freedom Capital

Freedom Capital upgraded shares of Holley (NYSE:HLLY) to a strong-buy rating in a research note published on Tuesday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Benchmark decreased their target price on shares of Holley from $4.50 to $4.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Weiss Ratings lowered Holley from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, June 17th. Wall Street Zen cut Holley from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Raymond James Financial set a $4.00 target price on Holley in a research report on Thursday, May 7th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 price target on shares of Holley in a research report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $4.90.

Holley Price Performance

HLLY opened at $2.52 on Tuesday. The company’s 50-day simple moving average is $2.63 and its two-hundred day simple moving average is $3.34. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.07 and a current ratio of 3.17. The stock has a market capitalization of $305.47 million, a P/E ratio of 13.24 and a beta of 1.33. Holley has a 52-week low of $1.98 and a 52-week high of $4.48.

Holley (NYSE:HLLY) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. The firm had revenue of $147.33 million during 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, analysts predict that Holley will post 0.31 EPS for the current year.

Holley announced that its board has initiated a stock buyback plan on Tuesday, May 26th that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the company to buy up to 8.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HLLY. Cerity Partners LLC purchased a new stake in Holley in the 2nd quarter worth approximately $25,000. Schonfeld Strategic Advisors LLC purchased a new position in Holley during the third quarter valued at approximately $34,000. Chicago Partners Investment Group LLC bought a new position in shares of Holley in the first quarter worth approximately $35,000. State of Alaska Department of Revenue bought a new position in shares of Holley in the fourth quarter worth approximately $35,000. Finally, Sherbrooke Park Advisers LLC purchased a new stake in shares of Holley in the third quarter worth $38,000. 39.70% of the stock is currently owned by institutional investors.

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.