Short Interest in CarParts.com, Inc. (NASDAQ:PRTS) Decreases By 85.1%

CarParts.com, Inc. (NASDAQ:PRTS) was the target of a large decline in short interest in the month of May. As of May 29th, there was short interest totaling 402,255 shares, a decline of 85.1% from the May 14th total of 2,700,947 shares. Based on an average daily volume of 82,258 shares, the days-to-cover ratio is currently 4.9 days. Currently, 5.3% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PRTS. Weiss Ratings reiterated a “sell (e+)” rating on shares of CarParts.com in a report on Monday, April 20th. Wall Street Zen upgraded CarParts.com from a “sell” rating to a “hold” rating in a report on Sunday, April 19th. Finally, Royal Bank Of Canada boosted their target price on CarParts.com from $5.00 to $6.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, CarParts.com presently has a consensus rating of “Reduce” and an average price target of $6.00.

CarParts.com Stock Down 0.2%

NASDAQ:PRTS traded down $0.01 during trading hours on Wednesday, hitting $5.94. The stock had a trading volume of 3,342 shares, compared to its average volume of 72,689. The company has a market cap of $47.85 million, a PE ratio of -0.96 and a beta of 0.70. The business has a 50 day simple moving average of $7.62 and a two-hundred day simple moving average of $6.45. CarParts.com has a 1-year low of $3.72 and a 1-year high of $13.60. The company has a current ratio of 1.67, a quick ratio of 0.62 and a debt-to-equity ratio of 0.52.

CarParts.com (NASDAQ:PRTS) last posted its earnings results on Thursday, May 7th. The specialty retailer reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($1.15) by $1.12. CarParts.com had a negative net margin of 6.97% and a negative return on equity of 61.91%. The business had revenue of $131.96 million for the quarter, compared to analysts’ expectations of $131.38 million.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of CarParts.com by 2.3% during the third quarter. Vanguard Group Inc. now owns 2,554,101 shares of the specialty retailer’s stock worth $1,816,000 after purchasing an additional 56,857 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of CarParts.com by 18.5% during the fourth quarter. Mackenzie Financial Corp now owns 1,779,674 shares of the specialty retailer’s stock worth $880,000 after purchasing an additional 277,807 shares in the last quarter. North Star Investment Management Corp. lifted its position in shares of CarParts.com by 6.3% during the first quarter. North Star Investment Management Corp. now owns 1,435,853 shares of the specialty retailer’s stock worth $1,128,000 after purchasing an additional 85,000 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of CarParts.com by 2.7% during the fourth 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. Finally, Geode Capital Management LLC lifted its position in shares of CarParts.com by 14.9% during the fourth quarter. Geode Capital Management LLC now owns 649,984 shares of the specialty retailer’s stock worth $325,000 after purchasing an additional 84,064 shares in the last quarter. 75.30% of the stock is owned by institutional investors and hedge funds.

CarParts.com Company Profile

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.