Holley (NYSE:HLLY) Price Target Cut to $7.00 by Analysts at Truist Financial

Holley (NYSE:HLLY) had its target price reduced by Truist Financial from $8.00 to $7.00 in a report released on Thursday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other brokerages also recently issued reports on HLLY. Canaccord Genuity Group lowered their price target on Holley from $8.00 to $7.00 and set a buy rating on the stock in a report on Thursday. Benchmark reiterated a buy rating and set a $12.00 price objective on shares of Holley in a research report on Monday. Finally, Telsey Advisory Group reduced their price objective on Holley from $6.50 to $5.50 and set an outperform rating for the company in a research report on Wednesday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $7.00.

Holley Stock Down 5.3 %

Shares of HLLY traded down $0.17 on Thursday, reaching $2.98. The stock had a trading volume of 937,315 shares, compared to its average volume of 345,641. The company has a 50-day simple moving average of $3.57 and a 200-day simple moving average of $4.06. The firm has a market capitalization of $354.95 million, a price-to-earnings ratio of 18.59 and a beta of 1.47. Holley has a 12-month low of $2.94 and a 12-month high of $8.06. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.04 and a current ratio of 2.85.

Insider Activity at Holley

In other Holley news, Chairman Matthew E. Rubel purchased 14,493 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average price of $3.39 per share, for a total transaction of $49,131.27. Following the purchase, the chairman now directly owns 169,979 shares in the company, valued at $576,228.81. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC boosted its holdings in shares of Holley by 3.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,133,749 shares of the company’s stock worth $20,131,000 after purchasing an additional 121,251 shares during the last quarter. Skylands Capital LLC boosted its holdings in shares of Holley by 7.2% during the 4th quarter. Skylands Capital LLC now owns 589,400 shares of the company’s stock worth $2,870,000 after purchasing an additional 39,600 shares during the last quarter. Norden Group LLC boosted its holdings in shares of Holley by 28.8% during the 1st quarter. Norden Group LLC now owns 43,694 shares of the company’s stock worth $195,000 after purchasing an additional 9,781 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Holley by 410.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 13,516 shares of the company’s stock worth $66,000 after purchasing an additional 10,867 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Holley by 75.7% during the 4th quarter. SG Americas Securities LLC now owns 28,577 shares of the company’s stock worth $139,000 after purchasing an additional 12,309 shares during the last quarter. 39.70% of the stock is currently owned by institutional investors and hedge funds.

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.