CarParts.com (NASDAQ:PRTS) Given New $7.00 Price Target at Royal Bank Of Canada

CarParts.com (NASDAQ:PRTS) had its target price lifted by equities researchers at Royal Bank Of Canada from $6.70 to $7.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “sector perform” rating on the specialty retailer’s stock. Royal Bank Of Canada‘s price target would suggest a potential upside of 3.38% from the stock’s previous close.

Several other research firms have also commented on PRTS. Wall Street Zen upgraded shares of CarParts.com to a “hold” rating in a research note on Saturday, October 3rd. Weiss Ratings raised shares of CarParts.com from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $7.00.

CarParts.com Stock Down 21.5%

Shares of PRTS traded down $1.85 during trading hours on Friday, hitting $6.77. The company had a trading volume of 88,706 shares, compared to its average volume of 57,603. The company has a current ratio of 1.67, a quick ratio of 0.66 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $54.61 million, a PE ratio of -1.56 and a beta of 0.68. CarParts.com has a one year low of $3.72 and a one year high of $10.98. The company’s fifty day moving average price is $8.16 and its two-hundred day moving average price is $7.07.

CarParts.com (NASDAQ:PRTS) last posted its earnings results on Thursday, October 29th. The specialty retailer reported ($0.53) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.84) by $0.31. The company had revenue of $129.33 million for the quarter, compared to analyst estimates of $124.04 million. CarParts.com had a negative return on equity of 47.19% and a negative net margin of 5.35%.

Insider Activity

In other news, CEO David Meniane bought 13,250 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The stock was purchased at an average cost of $10.06 per share, for a total transaction of $133,295.00. Following the purchase, the chief executive officer directly owned 312,664 shares in the company, valued at approximately $3,145,399.84. This trade represents a 4.43% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michael Huffaker purchased 13,250 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were purchased at an average cost of $10.06 per share, for a total transaction of $133,295.00. Following the completion of the acquisition, the chief operating officer directly owned 152,810 shares of the company’s stock, valued at $1,537,268.60. This represents a 9.49% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 219,823 shares of company stock worth $2,000,649. 6.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CarParts.com

A hedge fund recently raised its stake in CarParts.com stock. Bank of America Corp DE boosted its holdings in shares of CarParts.com, Inc. (NASDAQ:PRTS) by 249.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 70,094 shares of the specialty retailer’s stock after purchasing an additional 50,045 shares during the quarter. Bank of America Corp DE owned approximately 0.09% of CarParts.com worth $55,000 at the end of the most recent reporting period. 75.30% of the stock is owned by institutional investors and hedge funds.

About CarParts.com

CarParts.com, Inc is an e-commerce retailer specializing in replacement and aftermarket automotive parts and accessories. Through its online platform, the company serves owners, do-it-yourself customers, professional installers and collision-repair businesses seeking parts for cars, trucks and sport utility vehicles.

Its product offerings include collision and body components such as bumpers, fenders, hoods, mirrors and lighting, as well as mechanical parts for braking, suspension, steering, engine, transmission, exhaust and cooling systems.