Royal Bank of Canada Issues Pessimistic Forecast for CarParts.com (NASDAQ:PRTS) Stock Price

CarParts.com (NASDAQ:PRTS) had its price objective dropped by equities research analysts at Royal Bank of Canada from $0.90 to $0.80 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the specialty retailer’s stock. Royal Bank of Canada’s target price indicates a potential upside of 3.43% from the company’s previous close.

A number of other analysts also recently commented on PRTS. Lake Street Capital cut their price objective on shares of CarParts.com from $3.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. StockNews.com cut CarParts.com from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2.20.

CarParts.com Price Performance

Shares of NASDAQ:PRTS traded up $0.03 during trading on Wednesday, reaching $0.77. The stock had a trading volume of 493,400 shares, compared to its average volume of 784,435. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.51 and a current ratio of 1.67. CarParts.com has a 1-year low of $0.68 and a 1-year high of $3.65. The stock has a market cap of $44.31 million, a PE ratio of -1.90 and a beta of 2.06. The business has a fifty day moving average price of $0.84 and a 200-day moving average price of $1.00.

CarParts.com (NASDAQ:PRTS) last announced its earnings results on Tuesday, July 30th. The specialty retailer reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.05). The business had revenue of $144.27 million for the quarter. CarParts.com had a negative return on equity of 21.44% and a negative net margin of 3.75%. During the same quarter in the previous year, the business posted ($0.01) earnings per share.

Institutional Trading of CarParts.com

Several institutional investors have recently made changes to their positions in PRTS. Dynamic Advisor Solutions LLC increased its stake in CarParts.com by 73.7% during the second quarter. Dynamic Advisor Solutions LLC now owns 129,327 shares of the specialty retailer’s stock worth $129,000 after acquiring an additional 54,869 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of CarParts.com by 46.4% during the 1st quarter. Acadian Asset Management LLC now owns 1,838,815 shares of the specialty retailer’s stock worth $2,978,000 after purchasing an additional 582,376 shares during the last quarter. GSA Capital Partners LLP raised its holdings in CarParts.com by 69.9% in the 1st quarter. GSA Capital Partners LLP now owns 346,947 shares of the specialty retailer’s stock valued at $562,000 after buying an additional 142,687 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in CarParts.com in the first quarter valued at about $33,000. Finally, Isthmus Partners LLC boosted its stake in CarParts.com by 109.0% during the first quarter. Isthmus Partners LLC now owns 699,053 shares of the specialty retailer’s stock worth $1,132,000 after buying an additional 364,600 shares during the period. Hedge funds and other institutional investors own 75.30% of the company’s stock.

About CarParts.com

CarParts.com, Inc, together with its subsidiaries, operates as an online provider of aftermarket auto parts and accessories in the United States and the Philippines. It offers replacement parts, such as parts for the exterior of an automobile; mirror products; engine and chassis components, as well as other mechanical and electrical parts; and performance parts and accessories.