Holley (NYSE:HLLY) Given New $7.00 Price Target at Canaccord Genuity Group

Holley (NYSE:HLLY) had its target price lowered by Canaccord Genuity Group from $8.00 to $7.00 in a report released on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

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

Holley Stock Down 5.4 %

NYSE:HLLY traded down $0.17 during trading hours on Thursday, reaching $2.97. The company’s stock had a trading volume of 937,970 shares, compared to its average volume of 345,641. The stock has a 50 day moving average price of $3.57 and a two-hundred day moving average price of $4.05. 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 has a market capitalization of $354.35 million, a P/E ratio of 18.56 and a beta of 1.47. Holley has a 12 month low of $2.94 and a 12 month high of $8.06.

Holley (NYSE:HLLY) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10. Holley had a return on equity of 4.32% and a net margin of 2.89%. The firm had revenue of $169.50 million during the quarter, compared to analyst estimates of $170.40 million. During the same period in the previous year, the company posted $0.14 EPS. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. Equities analysts predict that Holley will post 0.27 EPS for the current fiscal year.

Insider Transactions at Holley

In other Holley news, Chairman Matthew E. Rubel purchased 14,493 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were purchased at an average cost of $3.39 per share, with a total value of $49,131.27. Following the completion of the purchase, the chairman now owns 169,979 shares in the company, valued at approximately $576,228.81. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.92% of the company’s stock.

Institutional Investors Weigh In On Holley

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Lazard Asset Management LLC purchased a new stake in Holley in the 1st quarter valued at $43,000. Tower Research Capital LLC TRC boosted its position in shares of Holley by 410.2% during the 4th 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 last quarter. SYSTM Wealth Solutions LLC purchased a new stake in shares of Holley in the first quarter valued at about $90,000. SG Americas Securities LLC increased its position in Holley by 75.7% during the fourth quarter. SG Americas Securities LLC now owns 28,577 shares of the company’s stock worth $139,000 after purchasing an additional 12,309 shares during the last quarter. Finally, Norden Group LLC raised its stake in Holley by 28.8% during the first quarter. Norden Group LLC now owns 43,694 shares of the company’s stock worth $195,000 after purchasing an additional 9,781 shares during the period. 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.