Holley (NYSE:HLLY) Given New $3.50 Price Target at Raymond James

Holley (NYSE:HLLY) had its target price raised by analysts at Raymond James from $3.00 to $3.50 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Raymond James’ target price would indicate a potential upside of 37.52% from the stock’s current price.

Separately, Telsey Advisory Group reissued an “outperform” rating and issued a $4.50 price objective on shares of Holley in a research note on Wednesday. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $6.80.

Holley Stock Down 14.6 %

HLLY stock traded down $0.44 on Wednesday, hitting $2.55. 652,977 shares of the company’s stock were exchanged, compared to its average volume of 370,578. The stock has a market cap of $304.88 million, a P/E ratio of 19.56 and a beta of 1.44. Holley has a 12-month low of $2.29 and a 12-month high of $4.58. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.17 and a current ratio of 2.93. The firm has a 50 day moving average price of $2.90 and a two-hundred day moving average price of $2.91.

Holley (NYSE:HLLY) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.09. The company had revenue of $140.05 million during the quarter, compared to analysts’ expectations of $137.60 million. Holley had a net margin of 2.55% and a return on equity of 2.59%. Holley’s revenue was down 10.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.01 EPS. As a group, equities research analysts expect that Holley will post 0.12 EPS for the current fiscal year.

Insider Activity

In other Holley news, Director David S. Lobel sold 1,743,356 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $3.00, for a total transaction of $5,230,068.00. Following the transaction, the director now owns 41,556,961 shares of the company’s stock, valued at approximately $124,670,883. This trade represents a 4.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.92% of the company’s stock.

Institutional Trading of Holley

A number of hedge funds have recently made changes to their positions in HLLY. Boston Partners acquired a new position in Holley during the fourth quarter worth $4,746,000. Bamco Inc. NY grew its holdings in Holley by 33.3% during the fourth quarter. Bamco Inc. NY now owns 4,000,000 shares of the company’s stock valued at $12,080,000 after purchasing an additional 1,000,000 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Holley by 12,719.0% during the 4th quarter. Russell Investments Group Ltd. now owns 819,136 shares of the company’s stock worth $2,474,000 after buying an additional 812,746 shares during the period. Mink Brook Asset Management LLC bought a new position in Holley in the 4th quarter worth $1,666,000. Finally, Blue Owl Capital Holdings LP lifted its position in Holley by 17.3% during the 4th quarter. Blue Owl Capital Holdings LP now owns 2,990,294 shares of the company’s stock worth $9,031,000 after acquiring an additional 440,040 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.