Short Interest in Holley Inc. (NYSE:HLLY) Decreases By 8.7%

Holley Inc. (NYSE:HLLY) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 2,090,000 shares, a drop of 8.7% from the March 15th total of 2,290,000 shares. Approximately 4.0% of the company’s stock are sold short. Based on an average daily trading volume, of 298,100 shares, the short-interest ratio is presently 7.0 days.

Insider Buying and Selling at Holley

In related news, Director Graham Clempson bought 59,076 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average cost of $4.18 per share, with a total value of $246,937.68. Following the purchase, the director now directly owns 63,851 shares of the company’s stock, valued at approximately $266,897.18. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Holley

Hedge funds have recently made changes to their positions in the business. Wasatch Advisors Inc. raised its stake in Holley by 40.6% during the 1st quarter. Wasatch Advisors Inc. now owns 14,820,059 shares of the company’s stock valued at $206,147,000 after acquiring an additional 4,280,253 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of Holley by 1.4% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 14,347,983 shares of the company’s stock worth $39,313,000 after purchasing an additional 202,154 shares during the last quarter. Bamco Inc. NY lifted its holdings in shares of Holley by 11.1% during the third quarter. Bamco Inc. NY now owns 5,000,000 shares of the company’s stock worth $24,950,000 after purchasing an additional 500,000 shares during the period. Allspring Global Investments Holdings LLC grew its position 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 buying an additional 121,251 shares during the last quarter. Finally, BlackRock Inc. increased its stake in Holley by 13.2% in the 2nd quarter. BlackRock Inc. now owns 3,472,901 shares of the company’s stock valued at $14,204,000 after buying an additional 405,570 shares during the period. Institutional investors and hedge funds own 39.70% of the company’s stock.

Holley Stock Performance

HLLY traded down $0.01 during trading on Tuesday, hitting $4.15. 216,534 shares of the stock were exchanged, compared to its average volume of 291,800. The firm has a market capitalization of $492.43 million, a P/E ratio of 24.38 and a beta of 1.52. Holley has a 1-year low of $2.08 and a 1-year high of $8.06. The stock has a fifty day moving average price of $4.44 and a two-hundred day moving average price of $4.48. The company has a quick ratio of 1.12, a current ratio of 3.17 and a debt-to-equity ratio of 1.31.

Holley (NYSE:HLLY) last announced its earnings results on Wednesday, February 28th. The company reported $0.01 EPS for the quarter, meeting analysts’ consensus estimates of $0.01. The business had revenue of $155.70 million for the quarter, compared to analysts’ expectations of $153.26 million. Holley had a net margin of 2.91% and a return on equity of 5.77%. The company’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.19) EPS. As a group, sell-side analysts predict that Holley will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

HLLY has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered shares of Holley from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $6.50 to $5.00 in a report on Tuesday, February 20th. Benchmark reaffirmed a “buy” rating and set a $12.00 price target on shares of Holley in a report on Thursday, March 28th. Telsey Advisory Group reiterated an “outperform” rating and issued a $9.00 price objective on shares of Holley in a report on Thursday, February 29th. Truist Financial lowered their price target on Holley from $9.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Finally, Canaccord Genuity Group cut their price objective on shares of Holley from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Holley currently has an average rating of “Moderate Buy” and an average price target of $7.75.

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.