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

Holley Inc. (NYSE:HLLY) was the target of a significant drop in short interest in November. As of November 15th, there was short interest totalling 2,100,000 shares, a drop of 6.7% from the October 31st total of 2,250,000 shares. Approximately 3.7% of the company’s stock are sold short. Based on an average trading volume of 386,900 shares, the short-interest ratio is presently 5.4 days.

Holley Stock Performance

HLLY traded down $0.01 during trading on Tuesday, hitting $2.91. The stock had a trading volume of 273,082 shares, compared to its average volume of 359,247. The firm has a market capitalization of $348.62 million, a P/E ratio of 22.31 and a beta of 1.47. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.17 and a current ratio of 2.93. Holley has a twelve month low of $2.29 and a twelve month high of $5.23. The company’s 50-day moving average price is $2.81 and its 200 day moving average price is $3.22.

Holley (NYSE:HLLY) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). Holley had a net margin of 2.55% and a return on equity of 2.59%. The firm had revenue of $134.00 million during the quarter, compared to analyst estimates of $142.53 million. During the same quarter in the previous year, the business earned $0.03 EPS. Holley’s revenue for the quarter was down 14.4% on a year-over-year basis. On average, equities research analysts forecast that Holley will post 0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Verition Fund Management LLC acquired a new position in shares of Holley during the 3rd quarter worth $35,000. Intech Investment Management LLC acquired a new stake in shares of Holley during the 3rd quarter valued at approximately $41,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Holley during the 2nd quarter valued at approximately $42,000. Lazard Asset Management LLC acquired a new stake in shares of Holley in the 1st quarter worth approximately $43,000. Finally, SG Americas Securities LLC acquired a new position in Holley during the third quarter worth $52,000. Hedge funds and other institutional investors own 39.70% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on HLLY shares. Telsey Advisory Group decreased their target price on Holley from $5.50 to $4.50 and set an “outperform” rating for the company in a research note on Monday, November 11th. Truist Financial 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 note on Thursday, August 8th. Canaccord Genuity Group cut their target price on Holley from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Benchmark reissued a “buy” rating and issued a $12.00 target price on shares of Holley in a report on Wednesday, September 4th. Finally, Raymond James dropped their price target on Holley from $5.25 to $4.25 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $6.63.

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.