CarParts.com (NASDAQ:PRTS) Stock Price Crosses Above 50-Day Moving Average - Here's Why

Key Points

• CarParts.com shares moved above their 50-day moving average, trading as high as $8.50 and last at $8.35, versus a 50-day average of $8.34.
• The company beat quarterly expectations, reporting a loss of $0.53 per share versus the $0.84 loss analysts forecast, and revenue of $129.33 million versus estimates of $124.04 million.
• Analyst sentiment remains cautious: MarketBeat reports an average “Reduce” rating and a $7.00 consensus price target. Company insiders have also bought shares, including the CEO and COO.

CarParts.com, Inc. (NASDAQ:PRTS - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $8.34 and traded as high as $8.50. CarParts.com shares last traded at $8.35, with a volume of 25,226 shares changing hands.

Analyst Upgrades and Downgrades

PRTS has been the subject of a number of research analyst reports. Weiss Ratings upgraded CarParts.com from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, October 29th. Wall Street Zen upgraded CarParts.com to a "hold" rating in a report on Saturday, October 3rd. Finally, Royal Bank Of Canada upped their price target on CarParts.com from $6.70 to $7.00 and gave the company a "sector perform" rating in a research report on Friday, October 30th. 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.com, CarParts.com presently has an average rating of "Reduce" and a consensus target price of $7.00.

CarParts.com Stock Performance

The firm's fifty day moving average is $8.34 and its 200 day moving average is $7.18. The firm has a market capitalization of $67.53 million, a price-to-earnings ratio of -2.82 and a beta of 0.71. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.70 and a quick ratio of 0.68.

CarParts.com (NASDAQ:PRTS - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The specialty retailer reported ($0.53) earnings per share for the quarter, beating the consensus estimate of ($0.84) by $0.31. CarParts.com had a negative net margin of 4.03% and a negative return on equity of 37.30%. The firm had revenue of $129.33 million for the quarter, compared to analyst estimates of $124.04 million.

Insider Buying and Selling at CarParts.com

In other news, COO Michael Huffaker bought 13,250 shares of the stock in a transaction on Thursday, September 10th. The shares were purchased at an average price of $10.06 per share, for a total transaction of $133,295.00. Following the completion of the purchase, the chief operating officer directly owned 152,810 shares of the company's stock, valued at $1,537,268.60. This trade represents a 9.49% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Meniane bought 13,250 shares of the stock in a transaction on Thursday, September 10th. The stock was purchased at an average price of $10.06 per share, for a total transaction of $133,295.00. Following the purchase, the chief executive officer directly owned 312,664 shares of the company's stock, valued at approximately $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 have purchased 219,823 shares of company stock valued at $2,000,649. 6.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CarParts.com

A hedge fund recently raised its position in CarParts.com stock. Bank of America Corp DE increased its position in CarParts.com, Inc. (NASDAQ:PRTS - Free Report) by 249.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 70,094 shares of the specialty retailer's stock after buying an additional 50,045 shares during the period. Bank of America Corp DE owned 0.09% of CarParts.com worth $55,000 at the end of the most recent reporting period. Institutional investors own 75.30% of the company's stock.

About CarParts.com

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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