Motorcar Parts of America (NASDAQ:MPAA) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• Motorcar Parts of America (NASDAQ:MPAA) shares moved above their 200-day moving average on Wednesday, trading as high as $14.37 before last changing hands at $13.91.
• Analysts remain generally positive on the stock: Cantor Fitzgerald reiterated an overweight rating, and the consensus target price stands at $19.00 with an overall “Moderate Buy” rating.
• The company recently reported stronger-than-expected quarterly results, posting $0.42 EPS versus a $0.33 estimate and revenue of $212.28 million, while institutional ownership remains high at 83.48%.

Motorcar Parts of America, Inc. (NASDAQ:MPAA - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $11.97 and traded as high as $14.37. Motorcar Parts of America shares last traded at $13.91, with a volume of 90,685 shares.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Motorcar Parts of America in a research note on Tuesday, June 9th. Weiss Ratings raised shares of Motorcar Parts of America from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 9th. Finally, Wall Street Zen upgraded shares of Motorcar Parts of America from a "hold" rating to a "strong-buy" rating in a report on Saturday, June 13th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Motorcar Parts of America has an average rating of "Moderate Buy" and a consensus target price of $19.00.

Motorcar Parts of America Stock Performance

The company has a market capitalization of $263.18 million, a PE ratio of 25.29 and a beta of 1.14. The company has a current ratio of 1.46, a quick ratio of 0.47 and a debt-to-equity ratio of 0.15. The firm's 50-day simple moving average is $12.76 and its 200-day simple moving average is $11.97.

Motorcar Parts of America (NASDAQ:MPAA - Get Free Report) last posted its quarterly earnings results on Monday, June 8th. The auto parts company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.09. Motorcar Parts of America had a net margin of 1.57% and a return on equity of 5.53%. The firm had revenue of $212.28 million during the quarter, compared to the consensus estimate of $175.96 million. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. On average, research analysts predict that Motorcar Parts of America, Inc. will post 0.79 earnings per share for the current year.

Institutional Trading of Motorcar Parts of America

Several institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its holdings in Motorcar Parts of America by 2,191.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,887 shares of the auto parts company's stock worth $32,000 after acquiring an additional 2,761 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Motorcar Parts of America in the 4th quarter valued at about $63,000. Quarry LP raised its holdings in shares of Motorcar Parts of America by 1,117.9% in the 3rd quarter. Quarry LP now owns 4,214 shares of the auto parts company's stock valued at $70,000 after purchasing an additional 3,868 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Motorcar Parts of America by 7,127.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,745 shares of the auto parts company's stock worth $98,000 after purchasing an additional 8,624 shares during the period. Finally, New York State Common Retirement Fund purchased a new stake in shares of Motorcar Parts of America in the 2nd quarter worth approximately $109,000. 83.48% of the stock is currently owned by institutional investors.

About Motorcar Parts of America

Motorcar Parts of America, Inc is a leading North American designer, manufacturer and distributor of aftermarket automotive replacement parts. The company's product portfolio spans collision and mechanical components, providing solutions for steering and suspension, brake systems, engine cooling, electrical and drivelines. Through a combination of proprietary brands and exclusive licensing agreements, Motorcar Parts of America offers an extensive selection of both new and remanufactured parts to meet the needs of automotive service professionals and retailers.

In addition to its core collision and under-hood product lines, the company markets specialty items such as performance accessories, tools and equipment.

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