CarParts.com (NASDAQ:PRTS) Given New $0.60 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target on CarParts.com to $0.60 (from $0.50) and maintained a "sector perform" rating—this target implies roughly a 29.99% downside from the current share price and aligns with the MarketBeat consensus price target of $0.60 and a consensus rating of "Reduce".
• CarParts.com beat estimates for the latest quarter (EPS -$0.03 vs. -$0.12 and revenue $131.96M vs. $131.38M) but remains unprofitable with a negative net margin (-9.21%) and ROE (-79.79%); the stock trades around $0.86 with a market cap of about $60.4M and a 12‑month range of $0.37–$1.36.

CarParts.com (NASDAQ:PRTS - Get Free Report) had its target price upped by stock analysts at Royal Bank Of Canada from $0.50 to $0.60 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "sector perform" rating on the specialty retailer's stock. Royal Bank Of Canada's price objective would suggest a potential downside of 29.99% from the company's current price.

A number of other analysts also recently commented on PRTS. Weiss Ratings reiterated a "sell (e+)" rating on shares of CarParts.com in a research report on Monday, April 20th. Wall Street Zen upgraded CarParts.com from a "sell" rating to a "hold" rating in a research report on Sunday, April 19th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of $0.60.

CarParts.com Stock Performance

PRTS stock traded up $0.01 during midday trading on Friday, hitting $0.86. 331,705 shares of the company traded hands, compared to its average volume of 733,693. CarParts.com has a twelve month low of $0.37 and a twelve month high of $1.36. The company has a quick ratio of 0.49, a current ratio of 1.66 and a debt-to-equity ratio of 0.58. The business has a 50 day simple moving average of $0.82 and a 200-day simple moving average of $0.64. The stock has a market capitalization of $60.41 million, a price-to-earnings ratio of -1.00 and a beta of 0.84.

CarParts.com (NASDAQ:PRTS - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The specialty retailer reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.09. CarParts.com had a negative return on equity of 79.79% and a negative net margin of 9.21%.The business had revenue of $131.96 million for the quarter, compared to analyst estimates of $131.38 million.

Institutional Investors Weigh In On CarParts.com

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in CarParts.com by 14.9% in the 4th quarter. Geode Capital Management LLC now owns 649,984 shares of the specialty retailer's stock valued at $325,000 after buying an additional 84,064 shares in the last quarter. Renaissance Technologies LLC raised its stake in CarParts.com by 2.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,352,700 shares of the specialty retailer's stock worth $676,000 after acquiring an additional 35,900 shares in the last quarter. Mackenzie Financial Corp raised its stake in CarParts.com by 20.2% during the third quarter. Mackenzie Financial Corp now owns 1,501,867 shares of the specialty retailer's stock worth $1,068,000 after acquiring an additional 252,852 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of CarParts.com by 2.3% during the third quarter. Vanguard Group Inc. now owns 2,554,101 shares of the specialty retailer's stock valued at $1,816,000 after acquiring an additional 56,857 shares during the period. Finally, State Street Corp boosted its stake in shares of CarParts.com by 13.2% in the 4th quarter. State Street Corp now owns 237,938 shares of the specialty retailer's stock valued at $119,000 after purchasing an additional 27,800 shares in the last quarter. 75.30% of the stock is currently owned by institutional investors.

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.

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