CarParts.com (NASDAQ:PRTS) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded CarParts.com to “Hold,” while Weiss Ratings maintained a “Sell”-oriented view. Analysts’ consensus remains “Reduce,” with an average price target of $6.00.
• CarParts.com reported a quarterly loss of $0.43 per share, beating estimates for a $0.85 loss, while revenue of $135.64 million exceeded the $129.04 million forecast. Despite the revenue beat, the company posted negative net margin and return on equity.
• Insiders purchased 219,823 shares worth about $2.0 million during the last quarter, and institutional investors own approximately 75.3% of the company. The stock opened at $8.63, compared with a 52-week range of $3.72 to $10.98.

CarParts.com (NASDAQ:PRTS - Get Free Report) was upgraded by equities researchers at Wall Street Zen to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings raised shares of CarParts.com from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, September 25th. One equities research 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, the company presently has a consensus rating of "Reduce" and an average target price of $6.00.

CarParts.com Price Performance

PRTS opened at $8.63 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.66 and a current ratio of 1.67. The stock has a market capitalization of $69.64 million, a PE ratio of -1.99 and a beta of 0.68. The stock's 50 day moving average price is $7.34 and its 200-day moving average price is $7.18. CarParts.com has a 52-week low of $3.72 and a 52-week high of $10.98.

CarParts.com (NASDAQ:PRTS - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The specialty retailer reported ($0.43) EPS for the quarter, topping analysts' consensus estimates of ($0.85) by $0.42. The company had revenue of $135.64 million during the quarter, compared to analyst estimates of $129.04 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, COO Michael Huffaker bought 36,580 shares of the stock in a transaction dated Wednesday, September 9th. The stock was bought at an average price of $9.64 per share, for a total transaction of $352,631.20. Following the purchase, the chief operating officer directly owned 139,560 shares in the company, valued at $1,345,358.40. This trade represents a 35.52% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barry Phelps purchased 9,900 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The shares were purchased at an average price of $6.48 per share, for a total transaction of $64,152.00. Following the completion of the transaction, the director directly owned 345,788 shares of the company's stock, valued at $2,240,706.24. This represents a 2.95% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 219,823 shares of company stock worth $2,000,649 in the last quarter. 6.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On CarParts.com

An institutional investor recently raised its stake in CarParts.com stock. Bank of America Corp DE boosted its position in shares of CarParts.com, Inc. (NASDAQ:PRTS - Free Report) by 249.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund 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 about 0.09% of CarParts.com worth $55,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 75.30% of the company's stock.

About CarParts.com

CarParts.com, Inc operates an e-commerce platform that sells automotive parts and accessories primarily to do-it-yourself consumers, professional installers and collision-repair businesses. The company's product offerings include replacement parts for body, exterior, engine, brake, suspension, steering, drivetrain and electrical systems, as well as vehicle accessories and performance-related products.

The company serves customers across the United States through its CarParts.com website and related online channels.

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