Holley (NYSE:HLLY) Stock Rating Upgraded by Zacks Research

Holley (NYSE:HLLY) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Several other analysts have also recently commented on HLLY. Benchmark decreased their target price on Holley from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Weiss Ratings lowered Holley from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, August 6th. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price objective on shares of Holley in a research note on Monday, June 29th. Wall Street Zen upgraded Holley from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Freedom Capital upgraded Holley to a “strong-buy” rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Holley presently has an average rating of “Moderate Buy” and a consensus price target of $4.90.

Holley Stock Down 1.1%

Shares of NYSE:HLLY opened at $3.12 on Monday. The firm has a 50 day simple moving average of $2.62 and a 200 day simple moving average of $3.10. Holley has a 52 week low of $2.33 and a 52 week high of $4.48. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.39 and a current ratio of 3.06. The company has a market cap of $378.35 million, a PE ratio of 38.94 and a beta of 1.31.

Holley (NYSE:HLLY) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.08. Holley had a net margin of 1.68% and a return on equity of 8.41%. The firm had revenue of $172.01 million for the quarter, compared to analysts’ expectations of $172.63 million. As a group, research analysts expect that Holley will post 0.39 earnings per share for the current year.

Holley announced that its board has initiated a share repurchase program on Tuesday, May 26th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Holley

Several institutional investors and hedge funds have recently modified their holdings of the stock. Cerity Partners LLC purchased a new stake in shares of Holley during the second quarter worth $25,000. Schonfeld Strategic Advisors LLC acquired a new stake in Holley during the third quarter valued at $34,000. Chicago Partners Investment Group LLC purchased a new position in Holley in the first quarter valued at about $35,000. State of Alaska Department of Revenue purchased a new position in Holley in the fourth quarter valued at about $35,000. Finally, Sherbrooke Park Advisers LLC acquired a new position in Holley in the 3rd quarter worth about $38,000. 39.70% of the stock is currently owned by hedge funds and other institutional investors.

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.