Holley (NYSE:HLLY) Issues Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Holley (NYSE:HLLYGet Rating) announced its quarterly earnings results on Thursday. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.04, MarketWatch Earnings reports. The business had revenue of $200.06 million during the quarter, compared to the consensus estimate of $192.70 million. The firm’s revenue for the quarter was up 24.8% on a year-over-year basis. Holley updated its FY 2022 guidance to EPS.

HLLY stock opened at $9.23 on Friday. Holley has a 1 year low of $8.23 and a 1 year high of $14.68. The firm has a 50-day moving average of $12.68 and a 200 day moving average of $12.45. The company has a debt-to-equity ratio of 2.09, a current ratio of 3.18 and a quick ratio of 1.16.

Several equities analysts have commented on the stock. Telsey Advisory Group lifted their target price on shares of Holley from $15.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, March 4th. Zacks Investment Research cut shares of Holley from a “buy” rating to a “hold” rating in a research report on Tuesday, March 8th. Finally, Raymond James lifted their target price on shares of Holley from $14.00 to $14.50 and gave the stock an “outperform” rating in a research report on Friday, January 14th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $14.88.

In other Holley news, Director David S. Lobel sold 8,000,000 shares of the firm’s stock in a transaction that occurred on Monday, April 25th. The shares were sold at an average price of $11.43, for a total transaction of $91,440,000.00. Following the completion of the transaction, the director now owns 54,673,884 shares of the company’s stock, valued at $624,922,494.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David S. Lobel sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 22nd. The shares were sold at an average price of $13.00, for a total transaction of $26,000,000.00. The disclosure for this sale can be found here.

Several large investors have recently bought and sold shares of the company. Morgan Stanley purchased a new stake in Holley in the third quarter worth approximately $91,000. Royal Bank of Canada purchased a new stake in Holley in the third quarter worth approximately $182,000. Bank of New York Mellon Corp purchased a new stake in Holley in the third quarter worth approximately $1,339,000. JPMorgan Chase & Co. purchased a new stake in Holley in the fourth quarter worth approximately $126,000. Finally, Geode Capital Management LLC boosted its holdings in Holley by 12.8% in the fourth quarter. Geode Capital Management LLC now owns 317,204 shares of the company’s stock worth $4,120,000 after purchasing an additional 36,002 shares during the last quarter. Hedge funds and other institutional investors own 81.35% of the company’s stock.

About Holley (Get Rating)

Holley Inc designs, manufactures, and markets automotive aftermarket products for car and truck enthusiasts in the United States, Canada, Europe, and China. The company's 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.

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