CarParts.com (NASDAQ:PRTS) Stock Price Crosses Above 50-Day Moving Average – Here’s Why

Shares of CarParts.com, Inc. (NASDAQ:PRTS) passed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $8.34 and traded as high as $8.50. CarParts.com shares last traded at $8.35, with a volume of 25,226 shares.

Analysts Set New Price Targets

Several brokerages have recently commented on PRTS. Royal Bank Of Canada increased their price target on shares of CarParts.com from $6.70 to $7.00 and gave the stock a “sector perform” rating in a research note on Friday, October 30th. Weiss Ratings raised shares of CarParts.com from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, October 29th. Finally, Wall Street Zen upgraded shares of CarParts.com to a “hold” rating in a report on Saturday, October 3rd. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $7.00.

CarParts.com Stock Performance

The company has a current ratio of 1.70, a quick ratio of 0.68 and a debt-to-equity ratio of 0.57. The firm has a market cap of $67.53 million, a price-to-earnings ratio of -2.82 and a beta of 0.71. The stock has a fifty day moving average price of $8.34 and a 200 day moving average price of $7.18.

CarParts.com (NASDAQ:PRTS) last issued its quarterly earnings data on Thursday, October 29th. The specialty retailer reported ($0.53) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.31. CarParts.com had a negative return on equity of 37.30% and a negative net margin of 4.03%. The business had revenue of $129.33 million for the quarter, compared to the consensus estimate of $124.04 million.

Insider Buying and Selling at CarParts.com

In other news, CEO David Meniane purchased 36,643 shares of the company’s stock in a transaction dated Wednesday, September 9th. The shares were bought at an average price of $9.64 per share, with a total value of $353,238.52. Following the completion of the transaction, the chief executive officer directly owned 299,414 shares in the company, valued at $2,886,350.96. This trade represents a 13.94% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michael Huffaker purchased 36,580 shares of the company’s stock in a transaction dated Wednesday, September 9th. The stock was purchased at an average cost of $9.64 per share, for a total transaction of $352,631.20. Following the transaction, the chief operating officer owned 139,560 shares of the company’s stock, valued at approximately $1,345,358.40. This trade represents a 35.52% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 219,823 shares of company stock worth $2,000,649 over the last 90 days. Insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On CarParts.com

A hedge fund recently raised its position in CarParts.com stock. Bank of America Corp DE lifted its holdings in CarParts.com, Inc. (NASDAQ:PRTS) by 249.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 70,094 shares of the specialty retailer’s stock after purchasing an additional 50,045 shares during the period. Bank of America Corp DE owned 0.09% of CarParts.com worth $55,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 75.30% of the company’s stock.

CarParts.com Company Profile

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.