Short Interest in CarParts.com, Inc. (NASDAQ:PRTS) Decreases By 29.2%

CarParts.com, Inc. (NASDAQ:PRTS) was the target of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 935,260 shares, a decline of 29.2% from the February 26th total of 1,321,674 shares. Currently, 1.5% of the company’s stock are short sold. Based on an average daily trading volume, of 1,145,017 shares, the short-interest ratio is currently 0.8 days.

Analyst Upgrades and Downgrades

PRTS has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of CarParts.com in a research report on Wednesday, January 21st. Wall Street Zen raised shares of CarParts.com from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Finally, Royal Bank Of Canada cut their target price on shares of CarParts.com from $0.60 to $0.50 and set a “sector perform” rating for the company in a research note on Friday, March 6th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, CarParts.com presently has a consensus rating of “Reduce” and an average target price of $0.50.

Institutional Investors Weigh In On CarParts.com

A number of hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp grew its stake in shares of CarParts.com by 13.2% in the fourth quarter. State Street Corp now owns 237,938 shares of the specialty retailer’s stock valued at $119,000 after acquiring an additional 27,800 shares in the last quarter. Jane Street Group LLC acquired a new stake in CarParts.com in the 2nd quarter worth about $25,000. Renaissance Technologies LLC raised its stake in CarParts.com by 2.7% in the 4th quarter. Renaissance Technologies LLC now owns 1,352,700 shares of the specialty retailer’s stock worth $676,000 after purchasing an additional 35,900 shares in the last quarter. Williams & Novak LLC boosted its holdings in CarParts.com by 27.7% in the 4th quarter. Williams & Novak LLC now owns 188,500 shares of the specialty retailer’s stock valued at $94,000 after purchasing an additional 40,900 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of CarParts.com during the 4th quarter worth approximately $25,000. Institutional investors and hedge funds own 75.30% of the company’s stock.

CarParts.com Stock Performance

Shares of NASDAQ:PRTS traded up $0.00 during trading on Friday, reaching $0.83. 362,510 shares of the stock were exchanged, compared to its average volume of 956,282. CarParts.com has a 12 month low of $0.37 and a 12 month high of $1.36. The stock has a 50-day moving average price of $0.67 and a 200-day moving average price of $0.62. The company has a current ratio of 1.66, a quick ratio of 0.49 and a debt-to-equity ratio of 0.58. The firm has a market cap of $58.14 million, a PE ratio of -0.96 and a beta of 0.84.

CarParts.com (NASDAQ:PRTS) last released its quarterly earnings results on Thursday, March 5th. The specialty retailer reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.07. The business had revenue of $120.43 million during the quarter, compared to analysts’ expectations of $118.91 million. CarParts.com had a negative return on equity of 79.79% and a negative net margin of 9.21%.

About CarParts.com

CarParts.com, Inc operates as a leading online retailer of aftermarket automotive parts and accessories in the United States. Through its flagship website CarParts.com and affiliated e-commerce platforms, the company offers replacement components, performance upgrades, maintenance items and collision repair parts for a wide range of domestic and import vehicles. Its product catalog includes engine parts, exterior and interior accessories, lighting, braking systems and powertrain components, supported by an extensive inventory and proprietary order management system.

Founded in 1995 by George Chamoun and headquartered in Torrance, California, CarParts.com has grown from a regional auto parts supplier into a national e-commerce platform.