Michael Huffaker Acquires 4,614 Shares of CarParts.com (NASDAQ:PRTS) Stock

CarParts.com, Inc. (NASDAQ:PRTS) COO Michael Huffaker purchased 4,614 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were purchased at an average price of $6.88 per share, for a total transaction of $31,744.32. Following the purchase, the chief operating officer owned 52,554 shares in the company, valued at approximately $361,571.52. The trade was a 9.62% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Michael Huffaker also recently made the following trade(s):

• On Friday, August 28th, Michael Huffaker acquired 7,548 shares of CarParts.com stock. The stock was purchased at an average price of $7.16 per share, with a total value of $54,043.68.

CarParts.com Trading Up 3.5%

CarParts.com stock opened at $7.48 on Wednesday. The company has a quick ratio of 0.66, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. CarParts.com, Inc. has a 52 week low of $3.72 and a 52 week high of $13.60. The company has a market capitalization of $60.36 million, a price-to-earnings ratio of -1.73 and a beta of 0.71. The stock has a 50-day moving average price of $5.99 and a 200 day moving average price of $6.95.

CarParts.com (NASDAQ:PRTS) last issued its earnings results on Thursday, August 6th. The specialty retailer reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.42. CarParts.com had a negative return on equity of 47.19% and a negative net margin of 5.35%.The firm had revenue of $135.64 million for the quarter, compared to analyst estimates of $129.04 million.

Trending Headlines about CarParts.com

Here are the key news stories impacting CarParts.com this week:

• Positive Sentiment: CEO David Meniane bought 4,612 shares at $6.88 on August 27 and another 7,552 shares at $7.16 on August 28, investing approximately $85,803 in total. His ownership increased by roughly 5.9%. CarParts.com CEO Acquires 4,612 Shares
• Positive Sentiment: COO Michael Huffaker also purchased 4,614 shares at $6.88 and 7,548 shares at $7.16, investing approximately $85,788 and increasing his position by more than 25% across the two transactions. The coordinated buying by the CEO and COO may reinforce investor confidence in management’s outlook. CarParts.com Insider Purchases
• Neutral Sentiment: CarParts.com’s latest quarterly results exceeded expectations: revenue was $135.64 million versus the $129.04 million consensus estimate, while its $0.43 adjusted loss per share was narrower than the expected $0.85 loss. The company nevertheless remains unprofitable, with a negative net margin and return on equity.
• Negative Sentiment: Analyst coverage remains unfavorable. CarParts.com has a consensus “Reduce” rating, an average price target of $6.00, and ratings of Hold and Sell from the two tracked analysts. Weiss Ratings also reaffirmed a Sell rating. CarParts.com Analysis

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PRTS. Cullen Frost Bankers Inc. purchased a new stake in CarParts.com in the 4th quarter worth approximately $25,000. Jane Street Group LLC purchased a new position in shares of CarParts.com during the 2nd quarter valued at approximately $25,000. Marshall Wace LLP increased its holdings in shares of CarParts.com by 345.8% during the 2nd quarter. Marshall Wace LLP now owns 68,546 shares of the specialty retailer’s stock valued at $51,000 after purchasing an additional 53,170 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of CarParts.com by 249.6% during the 1st quarter. Bank of America Corp DE now owns 70,094 shares of the specialty retailer’s stock valued at $55,000 after purchasing an additional 50,045 shares in the last quarter. Finally, Private Management Group Inc. acquired a new position in shares of CarParts.com in the 3rd quarter valued at $65,000. 75.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRTS. Weiss Ratings reissued a “sell (e+)” rating on shares of CarParts.com in a report on Friday, July 17th. Royal Bank Of Canada upped their price target on shares of CarParts.com from $5.00 to $6.00 and gave the company a “sector perform” rating in a report on Friday, May 8th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $6.00.

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.