Canaccord Genuity Group Trims Holley (NYSE:HLLY) Target Price to $7.00

Holley (NYSE:HLLY) had its price target trimmed by Canaccord Genuity Group from $8.00 to $7.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently weighed in on HLLY. Benchmark restated a buy rating and issued a $12.00 price objective on shares of Holley in a report on Monday, August 5th. Telsey Advisory Group restated an outperform rating and issued a $6.50 price target on shares of Holley in a research note on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $7.00.

Holley Stock Down 5.4 %

NYSE HLLY traded down $0.17 during trading on Thursday, hitting $2.97. The stock had a trading volume of 937,970 shares, compared to its average volume of 345,641. Holley has a 12 month low of $2.94 and a 12 month high of $8.06. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.04 and a current ratio of 2.85. The company’s 50-day moving average price is $3.57 and its two-hundred day moving average price is $4.05. The company has a market capitalization of $354.35 million, a PE ratio of 18.56 and a beta of 1.47.

Holley (NYSE:HLLY) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.10 EPS for the quarter, hitting analysts’ consensus estimates of $0.10. The business had revenue of $169.50 million for the quarter, compared to analyst estimates of $170.40 million. Holley had a net margin of 2.89% and a return on equity of 4.32%. The firm’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 earnings per share. As a group, sell-side analysts forecast that Holley will post 0.27 EPS for the current year.

Insider Buying and Selling at Holley

In related news, Chairman Matthew E. Rubel acquired 14,493 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were purchased at an average cost of $3.39 per share, for a total transaction of $49,131.27. Following the completion of the acquisition, the chairman now directly owns 169,979 shares in the company, valued at $576,228.81. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Holley

Several institutional investors and hedge funds have recently made changes to their positions in HLLY. Allspring Global Investments Holdings LLC boosted its stake in Holley by 3.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,133,749 shares of the company’s stock valued at $20,131,000 after purchasing an additional 121,251 shares during the period. Skylands Capital LLC lifted its holdings in shares of Holley by 7.2% during the fourth quarter. Skylands Capital LLC now owns 589,400 shares of the company’s stock worth $2,870,000 after buying an additional 39,600 shares in the last quarter. Norden Group LLC boosted its position in shares of Holley by 28.8% in the first quarter. Norden Group LLC now owns 43,694 shares of the company’s stock valued at $195,000 after acquiring an additional 9,781 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Holley by 410.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,516 shares of the company’s stock valued at $66,000 after acquiring an additional 10,867 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Holley by 75.7% in the fourth quarter. SG Americas Securities LLC now owns 28,577 shares of the company’s stock valued at $139,000 after acquiring an additional 12,309 shares in the last quarter. Institutional investors and hedge funds own 39.70% of the company’s stock.

Holley Company Profile

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.