Insider Buying: CarParts.com (NASDAQ:PRTS) COO Purchases 4,614 Shares

Key Points

• CarParts.com COO Michael Huffaker purchased 4,614 shares at an average price of $6.88, spending $31,744.32 and increasing his direct holdings by 9.62% to 52,554 shares. He also bought 7,548 additional shares the following day at $7.16 apiece.
• PRTS shares traded at $7.23, down 0.6%, while the company reported a quarterly loss of $0.43 per share—better than the expected $0.85 loss—and revenue of $135.64 million, above estimates.
• Analysts maintain a cautious outlook, with a consensus “Reduce” rating and a $6.00 average price target. Institutional investors and hedge funds own approximately 75.3% of the company.

CarParts.com, Inc. (NASDAQ:PRTS - Get Free Report) COO Michael Huffaker acquired 4,614 shares of the business's stock in a transaction dated Thursday, August 27th. The shares were bought at an average cost of $6.88 per share, for a total transaction of $31,744.32. Following the transaction, the chief operating officer directly owned 52,554 shares of the company's stock, valued at approximately $361,571.52. This trade represents a 9.62% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Michael Huffaker also recently made the following trade(s):

• On Friday, August 28th, Michael Huffaker bought 7,548 shares of CarParts.com stock. The stock was bought at an average price of $7.16 per share, with a total value of $54,043.68.

CarParts.com Stock Down 0.6%

PRTS stock traded down $0.04 during mid-day trading on Monday, reaching $7.23. The company had a trading volume of 6,004 shares, compared to its average volume of 57,594. The firm has a fifty day simple moving average of $5.94 and a 200 day simple moving average of $6.93. 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 company has a market capitalization of $58.35 million, a price-to-earnings ratio of -1.67 and a beta of 0.66. CarParts.com, Inc. has a fifty-two week low of $3.72 and a fifty-two week high of $13.60.

CarParts.com (NASDAQ:PRTS - Get Free Report) last released its earnings results on Thursday, August 6th. The specialty retailer reported ($0.43) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.85) by $0.42. CarParts.com had a negative return on equity of 47.19% and a negative net margin of 5.35%.The business had revenue of $135.64 million for the quarter, compared to analyst estimates of $129.04 million.

Wall Street Analysts Forecast Growth

PRTS has been the subject of several analyst reports. Weiss Ratings reissued a "sell (e+)" rating on shares of CarParts.com in a report on Friday, July 17th. Royal Bank Of Canada raised their price target on CarParts.com from $5.00 to $6.00 and gave the company a "sector perform" rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $6.00.

Institutional Investors Weigh In On CarParts.com

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC purchased a new stake in shares of CarParts.com during the 2nd quarter worth approximately $25,000. Cullen Frost Bankers Inc. purchased a new position in CarParts.com in the 4th quarter valued at approximately $25,000. Marshall Wace LLP increased its stake in CarParts.com by 345.8% in the 2nd quarter. Marshall Wace LLP now owns 68,546 shares of the specialty retailer's stock valued at $51,000 after purchasing an additional 53,170 shares in the last quarter. Bank of America Corp DE increased its stake in CarParts.com by 249.6% in the 1st quarter. Bank of America Corp DE now owns 70,094 shares of the specialty retailer's stock valued at $55,000 after purchasing an additional 50,045 shares in the last quarter. Finally, Private Management Group Inc. acquired a new position in CarParts.com during the third quarter worth $65,000. 75.30% of the stock is currently owned by institutional investors and hedge funds.

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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