Short Interest in Holley Inc. (NYSE:HLLY) Drops By 7.0%

Holley Inc. (NYSE:HLLY) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 2,250,000 shares, a decrease of 7.0% from the October 15th total of 2,420,000 shares. Based on an average daily volume of 378,600 shares, the days-to-cover ratio is presently 5.9 days. Currently, 4.0% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

HLLY has been the subject of several analyst reports. Telsey Advisory Group cut their price objective on shares of Holley from $5.50 to $4.50 and set an “outperform” rating for the company in a report on Monday, November 11th. Raymond James reduced their price target on Holley from $5.25 to $4.25 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Benchmark reissued a “buy” rating and set a $12.00 price objective on shares of Holley in a report on Wednesday, September 4th. Canaccord Genuity Group reduced their target price on Holley from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Truist Financial lowered their price target on shares of Holley from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $6.63.

Institutional Trading of Holley

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of Holley by 52.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 975,034 shares of the company’s stock valued at $3,491,000 after purchasing an additional 334,940 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Holley by 129.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 9,590,816 shares of the company’s stock valued at $34,335,000 after acquiring an additional 5,409,997 shares during the last quarter. Algert Global LLC raised its stake in shares of Holley by 31.1% during the second quarter. Algert Global LLC now owns 20,781 shares of the company’s stock worth $74,000 after acquiring an additional 4,924 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Holley by 23.3% in the 2nd quarter. American Century Companies Inc. now owns 64,383 shares of the company’s stock worth $230,000 after acquiring an additional 12,186 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Holley in the 2nd quarter valued at $42,000. Hedge funds and other institutional investors own 39.70% of the company’s stock.

Holley Price Performance

Holley stock opened at $2.62 on Wednesday. The stock has a market cap of $313.87 million, a price-to-earnings ratio of 20.15 and a beta of 1.45. The company has a quick ratio of 1.17, a current ratio of 2.93 and a debt-to-equity ratio of 1.20. The business has a 50-day simple moving average of $2.87 and a 200 day simple moving average of $3.30. Holley has a 52 week low of $2.29 and a 52 week high of $5.23.

Holley (NYSE:HLLY) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.04). Holley had a return on equity of 2.59% and a net margin of 2.55%. The business had revenue of $134.00 million for the quarter, compared to analysts’ expectations of $142.53 million. During the same period in the previous year, the firm posted $0.03 EPS. The firm’s revenue for the quarter was down 14.4% compared to the same quarter last year. On average, research analysts forecast that Holley will post 0.14 earnings per share for the current fiscal year.

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.