Holley Inc. (NYSE:HLLY) Sees Significant Drop in Short Interest

Holley Inc. (NYSE:HLLY) was the recipient of a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 2,530,000 shares, a decline of 6.6% from the September 15th total of 2,710,000 shares. Currently, 4.4% of the shares of the company are sold short. Based on an average daily volume of 428,600 shares, the short-interest ratio is presently 5.9 days.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Canaccord Genuity Group decreased their price objective on shares of Holley from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Raymond James lowered their price target on Holley from $5.25 to $4.25 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Telsey Advisory Group reissued an “outperform” rating and issued a $5.50 price objective on shares of Holley in a report on Monday, September 9th. Benchmark reaffirmed a “buy” rating and set a $12.00 target price on shares of Holley in a research note on Wednesday, September 4th. Finally, Truist Financial dropped their price target on shares of Holley from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $6.54.

Holley Price Performance

Shares of NYSE:HLLY traded down $0.04 during trading on Thursday, reaching $2.90. The stock had a trading volume of 98,185 shares, compared to its average volume of 349,691. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.19 and a current ratio of 2.80. Holley has a 1-year low of $2.69 and a 1-year high of $5.23. The stock has a market cap of $346.00 million, a PE ratio of 18.13 and a beta of 1.43. The business has a fifty day moving average price of $3.06 and a 200-day moving average price of $3.55.

Holley (NYSE:HLLY) last announced its earnings results on Wednesday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. The company had revenue of $169.50 million for the quarter, compared to analysts’ expectations of $170.40 million. Holley had a net margin of 3.56% and a return on equity of 3.51%. The firm’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.14 EPS. On average, equities analysts forecast that Holley will post 0.19 earnings per share for the current fiscal year.

Institutional Trading of Holley

Hedge funds have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Holley in the 2nd quarter worth $42,000. Lazard Asset Management LLC acquired a new stake in Holley during the first quarter worth about $43,000. SG Americas Securities LLC purchased a new position in Holley during the third quarter worth about $52,000. Algert Global LLC boosted its holdings in Holley by 31.1% in the 2nd quarter. Algert Global LLC now owns 20,781 shares of the company’s stock valued at $74,000 after purchasing an additional 4,924 shares during the last quarter. Finally, Norden Group LLC grew its stake in shares of Holley by 28.8% in the 1st quarter. Norden Group LLC now owns 43,694 shares of the company’s stock valued at $195,000 after buying 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.