CarParts.com (NASDAQ:PRTS) Stock Price Target Raised at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised CarParts.com’s price target from $6.70 to $7.00 while maintaining a “sector perform” rating, implying roughly 3.38% upside from the prior close.
• Analyst sentiment remains cautious: CarParts.com has a consensus “Reduce” rating, with one analyst at Hold and another at Sell. Shares fell to $6.77 during Friday trading.
• The company beat quarterly expectations, reporting revenue of $129.33 million and an adjusted loss of $0.53 per share versus the expected $0.84 loss. Insiders also bought 219,823 shares worth approximately $2.0 million over the last quarter.

CarParts.com (NASDAQ:PRTS - Get Free Report) had its price objective raised by stock analysts at Royal Bank Of Canada from $6.70 to $7.00 in a research report issued on Friday, Benzinga reports. The firm currently has a "sector perform" rating on the specialty retailer's stock. Royal Bank Of Canada's price objective suggests a potential upside of 3.38% from the stock's previous close.

A number of other equities analysts have also recently commented on the stock. Weiss Ratings raised shares of CarParts.com from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday. Wall Street Zen upgraded CarParts.com to a "hold" rating in a report on Saturday, October 3rd. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $7.00.

CarParts.com Price Performance

Shares of PRTS traded down $1.85 during mid-day trading on Friday, hitting $6.77. 88,706 shares of the stock were exchanged, compared to its average volume of 57,603. The company has a market cap of $54.61 million, a PE ratio of -1.56 and a beta of 0.68. CarParts.com has a 52-week low of $3.72 and a 52-week high of $10.98. The firm has a 50-day moving average of $8.16 and a two-hundred day moving average of $7.07. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.66 and a current ratio of 1.67.

CarParts.com (NASDAQ:PRTS - Get Free Report) last posted its earnings results 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 net margin of 5.35% and a negative return on equity of 47.19%. The firm had revenue of $129.33 million during the quarter, compared to analyst estimates of $124.04 million.

Insider Activity at CarParts.com

In related news, COO Michael Huffaker purchased 13,250 shares of CarParts.com stock in a transaction that occurred on Thursday, September 10th. The shares were bought at an average price of $10.06 per share, with a total value of $133,295.00. Following the purchase, the chief operating officer directly owned 152,810 shares of the company's stock, valued at approximately $1,537,268.60. This represents a 9.49% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Meniane acquired 13,250 shares of the firm's stock in a transaction that occurred on Thursday, September 10th. The shares were bought at an average price of $10.06 per share, with a total value of $133,295.00. Following the acquisition, the chief executive officer directly owned 312,664 shares in the company, valued at $3,145,399.84. This represents a 4.43% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 219,823 shares of company stock worth $2,000,649. Company insiders own 6.60% of the company's stock.

Institutional Investors Weigh In On CarParts.com

An institutional investor recently raised its position in CarParts.com stock. Bank of America Corp DE increased its holdings in CarParts.com, Inc. (NASDAQ:PRTS - Free Report) by 249.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 70,094 shares of the specialty retailer's stock after acquiring an additional 50,045 shares during the quarter. Bank of America Corp DE owned approximately 0.09% of CarParts.com worth $55,000 as of its most recent SEC filing. Institutional investors and hedge funds 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.

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