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

Holley Inc. (NYSE:HLLY) was the target of a significant decline in short interest in the month of July. As of July 15th, there was short interest totalling 2,390,000 shares, a decline of 6.3% from the June 30th total of 2,550,000 shares. Approximately 4.7% of the company’s shares are sold short. Based on an average trading volume of 357,700 shares, the days-to-cover ratio is presently 6.7 days.

Holley Stock Performance

Shares of Holley stock traded up $0.01 during trading on Wednesday, reaching $3.86. The company’s stock had a trading volume of 3,494 shares, compared to its average volume of 325,458. The business’s fifty day moving average price is $3.60 and its 200-day moving average price is $4.11. Holley has a one year low of $3.16 and a one year high of $8.06. The firm has a market cap of $460.54 million, a price-to-earnings ratio of 24.10 and a beta of 1.47. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.04 and a current ratio of 2.85.

Analyst Ratings Changes

Several research firms have weighed in on HLLY. Canaccord Genuity Group reiterated a “buy” rating and issued a $8.00 price objective on shares of Holley in a research note on Friday, June 21st. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $6.50 target price on shares of Holley in a research report on Tuesday, June 4th. Finally, Benchmark restated a “buy” rating and issued a $12.00 price objective on shares of Holley in a report on Tuesday, June 18th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $7.47.

Insider Activity

In other news, Chairman Matthew E. Rubel acquired 14,493 shares of the stock in a transaction on Wednesday, June 12th. The shares were purchased at an average cost of $3.39 per share, for a total transaction of $49,131.27. Following the transaction, the chairman now owns 169,979 shares in the company, valued at approximately $576,228.81. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HLLY. Sei Investments Co. raised its stake in Holley by 1.3% during the 1st quarter. Sei Investments Co. now owns 403,759 shares of the company’s stock valued at $1,801,000 after purchasing an additional 5,000 shares during the last quarter. Trexquant Investment LP lifted its stake in shares of Holley by 7.2% in the fourth quarter. Trexquant Investment LP now owns 106,027 shares of the company’s stock valued at $516,000 after buying an additional 7,151 shares during the period. Lazard Asset Management LLC acquired a new stake in Holley during the first quarter worth about $43,000. Norden Group LLC increased its stake in Holley by 28.8% during the first quarter. Norden Group LLC now owns 43,694 shares of the company’s stock valued at $195,000 after acquiring an additional 9,781 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in Holley by 410.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 13,516 shares of the company’s stock valued at $66,000 after acquiring an additional 10,867 shares in 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.