CarParts.com (NASDAQ:PRTS) Stock Passes Above 200-Day Moving Average - Here's Why

Key Points

• CarParts.com shares broke above their 200-day moving average, trading as high as $0.9195 and last changing hands at $0.8477 on heavy volume. The move came as the stock continued to trade well above its 200-day average of $0.64.
• Recent analyst sentiment remains cautious. The stock carries an average rating of “Reduce” with a consensus price target of $0.50, while recent notes included a downgrade to Hold and reiterated Sell ratings.
• Latest earnings topped expectations, with the company reporting a smaller-than-expected loss of $0.03 per share on revenue of $131.96 million. Despite the earnings beat, CarParts.com still posted negative margins and weak profitability metrics.

Shares of CarParts.com, Inc. (NASDAQ:PRTS - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.64 and traded as high as $0.9195. CarParts.com shares last traded at $0.8477, with a volume of 1,084,621 shares traded.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wall Street Zen upgraded CarParts.com from a "sell" rating to a "hold" rating in a report on Sunday, April 19th. Royal Bank Of Canada lowered their target price on CarParts.com from $0.60 to $0.50 and set a "sector perform" rating for the company in a report on Friday, March 6th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of CarParts.com in a report on Monday, April 20th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $0.50.

CarParts.com Trading Down 6.4%

The stock has a market capitalization of $59.76 million, a P/E ratio of -0.99 and a beta of 0.84. The company has a current ratio of 1.66, a quick ratio of 0.49 and a debt-to-equity ratio of 0.58. The company has a 50-day moving average price of $0.82 and a 200 day moving average price of $0.64.

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

Institutional Trading of CarParts.com

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp increased its position in CarParts.com by 20.2% during the 3rd quarter. Mackenzie Financial Corp now owns 1,501,867 shares of the specialty retailer's stock valued at $1,068,000 after buying an additional 252,852 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of CarParts.com by 2.3% in the 3rd 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 last quarter. Renaissance Technologies LLC boosted its holdings in shares of CarParts.com by 2.7% in the 4th quarter. Renaissance Technologies LLC now owns 1,352,700 shares of the specialty retailer's stock valued at $676,000 after acquiring an additional 35,900 shares during the last quarter. Geode Capital Management LLC grew its position in CarParts.com by 14.9% during the 4th quarter. Geode Capital Management LLC now owns 649,984 shares of the specialty retailer's stock worth $325,000 after purchasing an additional 84,064 shares during the period. Finally, Private Management Group Inc. acquired a new stake in CarParts.com during the 3rd quarter worth about $65,000. Hedge funds and other institutional investors own 75.30% of the company's stock.

CarParts.com Company Profile

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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