William Blair Comments on Holley Inc.’s Q2 2024 Earnings (NYSE:HLLY)

Holley Inc. (NYSE:HLLY) – Investment analysts at William Blair boosted their Q2 2024 earnings estimates for Holley in a research note issued on Wednesday, March 27th. William Blair analyst P. Blee now anticipates that the company will post earnings per share of $0.14 for the quarter, up from their prior estimate of $0.13. The consensus estimate for Holley’s current full-year earnings is $0.33 per share. William Blair also issued estimates for Holley’s Q3 2024 earnings at $0.06 EPS, FY2024 earnings at $0.32 EPS and FY2025 earnings at $0.40 EPS.

Holley (NYSE:HLLY) last released its earnings results on Wednesday, February 28th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. The business had revenue of $155.70 million during the quarter, compared to the consensus estimate of $153.26 million. Holley had a net margin of 2.91% and a return on equity of 5.77%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.19) earnings per share.

Other research analysts also recently issued research reports about the stock. Canaccord Genuity Group decreased their price objective on shares of Holley from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. JPMorgan Chase & Co. downgraded shares of Holley from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $6.50 to $5.00 in a research report on Tuesday, February 20th. Telsey Advisory Group reissued an “outperform” rating and issued a $9.00 price objective on shares of Holley in a research report on Thursday, February 29th. Truist Financial decreased their price objective on shares of Holley from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Finally, Benchmark reissued a “buy” rating and issued a $12.00 price objective on shares of Holley in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $7.75.

Holley Price Performance

Holley stock opened at $4.46 on Friday. The company has a market cap of $528.23 million, a P/E ratio of 26.21 and a beta of 1.52. Holley has a 1-year low of $2.08 and a 1-year high of $8.06. The company has a fifty day simple moving average of $4.57 and a 200 day simple moving average of $4.56. The company has a current ratio of 3.17, a quick ratio of 1.12 and a debt-to-equity ratio of 1.31.

Institutional Trading of Holley

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Wasatch Advisors Inc. raised its stake in Holley by 40.6% in the 1st quarter. Wasatch Advisors Inc. now owns 14,820,059 shares of the company’s stock worth $206,147,000 after purchasing an additional 4,280,253 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Holley by 1.4% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 14,347,983 shares of the company’s stock valued at $39,313,000 after buying an additional 202,154 shares in the last quarter. Bamco Inc. NY raised its position in shares of Holley by 11.1% in the 3rd quarter. Bamco Inc. NY now owns 5,000,000 shares of the company’s stock valued at $24,950,000 after buying an additional 500,000 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of 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 in the last quarter. Finally, BlackRock Inc. raised its position in shares of 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 in the last quarter. Institutional investors and hedge funds own 39.70% of the company’s stock.

Insider Buying and Selling

In other Holley news, Director Graham Clempson acquired 59,076 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was acquired at an average price of $4.18 per share, for a total transaction of $246,937.68. Following the purchase, the director now directly owns 63,851 shares of the company’s stock, valued at $266,897.18. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.92% of the stock is currently owned by insiders.

Holley Company Profile

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.