Holley (NYSE:HLLY) Hits New 52-Week Low on Analyst Downgrade

Holley Inc. (NYSE:HLLYGet Rating) reached a new 52-week low on Monday after Telsey Advisory Group lowered their price target on the stock from $16.00 to $13.00. Telsey Advisory Group currently has an outperform rating on the stock. Holley traded as low as $7.27 and last traded at $7.30, with a volume of 22433 shares changing hands. The stock had previously closed at $7.99.

A number of other research analysts have also commented on the company. JPMorgan Chase & Co. lowered Holley from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $14.00 to $9.00 in a research report on Friday. Bank of America initiated coverage on Holley in a research report on Wednesday, June 22nd. They set a “buy” rating and a $13.00 price target for the company. Finally, Jefferies Financial Group lowered Holley from a “buy” rating to a “hold” rating and decreased their target price for the stock from $18.00 to $10.00 in a research report on Friday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.32.

Institutional Trading of Holley

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new position in shares of Holley in the 4th quarter worth $29,392,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Holley in the 4th quarter worth $165,000. Oppenheimer Asset Management Inc. boosted its stake in shares of Holley by 8.9% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 89,192 shares of the company’s stock worth $1,159,000 after buying an additional 7,269 shares during the last quarter. Arizona State Retirement System purchased a new position in shares of Holley in the 4th quarter worth $144,000. Finally, Northern Trust Corp boosted its stake in shares of Holley by 16.5% in the 4th quarter. Northern Trust Corp now owns 77,549 shares of the company’s stock worth $1,007,000 after buying an additional 10,991 shares during the last quarter. 81.35% of the stock is currently owned by hedge funds and other institutional investors.

Holley Trading Down 16.5 %

The company has a quick ratio of 1.27, a current ratio of 3.25 and a debt-to-equity ratio of 1.87. The stock has a 50 day moving average price of $10.75 and a 200-day moving average price of $11.75.

Holley (NYSE:HLLYGet Rating) last announced its earnings results on Thursday, May 12th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.04. The company had revenue of $200.06 million during the quarter, compared to the consensus estimate of $192.70 million. The firm’s quarterly revenue was up 24.8% on a year-over-year basis. On average, equities research analysts expect that Holley Inc. will post 0.8 earnings per share for the current fiscal year.

Holley Company Profile

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Holley Inc designs, manufactures, and markets automotive aftermarket products for car and truck enthusiasts in the United States, Canada, Europe, and China. The company's 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.

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