Short Interest in CarParts.com, Inc. (NASDAQ:PRTS) Expands By 54.7%

Key Points

• Short interest jumped 54.7% — short interest rose to 1,447,141 shares as of March 31 (from 935,260 on March 15), representing about 2.3% of shares short and a days-to-cover of 2.2.
• Institutional ownership is high and rising — hedge funds and institutions now own 75.30% of the stock, with several firms (notably North Star, Mackenzie and Citadel) materially increasing positions.
• Cheap share price but weak fundamentals and bearish analyst view — PRTS traded at $0.79 with a $55.9M market cap, reported a beaten-but-negative EPS of −$0.17, has negative margins, and carries an average analyst rating of "Reduce" with a $0.50 target.

CarParts.com, Inc. (NASDAQ:PRTS - Get Free Report) saw a significant growth in short interest in March. As of March 31st, there was short interest totaling 1,447,141 shares, a growth of 54.7% from the March 15th total of 935,260 shares. Based on an average trading volume of 667,885 shares, the days-to-cover ratio is presently 2.2 days. Approximately 2.3% of the company's shares are short sold.

Institutional Investors Weigh In On CarParts.com

A number of institutional investors and hedge funds have recently made changes to their positions in the business. North Star Investment Management Corp. raised its position in CarParts.com by 183.3% during the third quarter. North Star Investment Management Corp. now owns 1,387,853 shares of the specialty retailer's stock valued at $987,000 after purchasing an additional 897,913 shares in the last quarter. Mackenzie Financial Corp boosted its position in CarParts.com by 18.5% during the 4th quarter. Mackenzie Financial Corp now owns 1,779,674 shares of the specialty retailer's stock valued at $880,000 after acquiring an additional 277,807 shares in the last quarter. Argentarii LLC lifted its holdings in shares of CarParts.com by 200.0% during the fourth quarter. Argentarii LLC now owns 150,000 shares of the specialty retailer's stock valued at $75,000 after purchasing an additional 100,000 shares during the last quarter. Citadel Advisors LLC lifted its holdings in shares of CarParts.com by 171.5% during the third quarter. Citadel Advisors LLC now owns 148,771 shares of the specialty retailer's stock valued at $106,000 after purchasing an additional 93,971 shares during the last quarter. Finally, Private Management Group Inc. purchased a new position in CarParts.com in the 3rd quarter worth approximately $65,000. Hedge funds and other institutional investors own 75.30% of the company's stock.

CarParts.com Stock Up 0.5%

PRTS stock traded up $0.00 during trading on Tuesday, reaching $0.79. 281,643 shares of the stock were exchanged, compared to its average volume of 789,042. 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 firm's 50 day moving average is $0.73 and its 200 day moving average is $0.62. The firm has a market cap of $55.90 million, a P/E ratio of -0.92 and a beta of 0.78. CarParts.com has a twelve month low of $0.37 and a twelve month high of $1.36.

CarParts.com (NASDAQ:PRTS - Get Free Report) last issued its quarterly earnings data on Thursday, March 5th. The specialty retailer reported ($0.17) EPS for the quarter, topping analysts' consensus estimates of ($0.24) by $0.07. CarParts.com had a negative return on equity of 79.79% and a negative net margin of 9.21%.The firm had revenue of $120.43 million during the quarter, compared to analyst estimates of $118.91 million.

Wall Street Analyst Weigh In

PRTS has been the subject of a number of research reports. Wall Street Zen downgraded CarParts.com from a "hold" rating to a "sell" rating in a report on Saturday. Royal Bank Of Canada dropped their price objective 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 restated a "sell (e+)" rating on shares of CarParts.com in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, CarParts.com has an average rating of "Reduce" and an average target price of $0.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.