CarParts.com (NASDAQ:PRTS) Price Target Cut to $2.00

CarParts.com (NASDAQ:PRTS) had its price target reduced by Lake Street Capital from $3.00 to $2.00 in a research report sent to investors on Wednesday, Benzinga reports. Lake Street Capital currently has a buy rating on the specialty retailer’s stock.

A number of other equities research analysts have also issued reports on the stock. Royal Bank of Canada reissued a sector perform rating and issued a $1.30 price target (down previously from $2.00) on shares of CarParts.com in a report on Wednesday. Craig Hallum reissued a hold rating and issued a $2.00 price target (down previously from $4.00) on shares of CarParts.com in a report on Wednesday, May 8th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, CarParts.com presently has an average rating of Hold and an average target price of $2.33.

CarParts.com Stock Performance

Shares of NASDAQ:PRTS opened at $1.01 on Wednesday. The company’s fifty day moving average is $1.12 and its 200 day moving average is $1.66. CarParts.com has a 52 week low of $0.96 and a 52 week high of $5.10. The company has a current ratio of 1.63, a quick ratio of 0.56 and a debt-to-equity ratio of 0.10.

CarParts.com (NASDAQ:PRTS) last issued its earnings results on Tuesday, July 30th. The specialty retailer reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.05). The business had revenue of $144.27 million during the quarter. CarParts.com had a negative return on equity of 21.00% and a negative net margin of 3.75%. During the same quarter in the previous year, the firm posted ($0.01) EPS.

Insiders Place Their Bets

In related news, Director Jay Keith Greyson bought 41,658 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were purchased at an average price of $1.04 per share, with a total value of $43,324.32. Following the purchase, the director now owns 282,107 shares of the company’s stock, valued at approximately $293,391.28. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Jay Keith Greyson bought 41,658 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were purchased at an average price of $1.04 per share, with a total value of $43,324.32. Following the purchase, the director now owns 282,107 shares of the company’s stock, valued at approximately $293,391.28. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jim Barnes bought 94,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were bought at an average cost of $1.10 per share, for a total transaction of $103,400.00. Following the purchase, the director now directly owns 252,097 shares in the company, valued at approximately $277,306.70. The disclosure for this purchase can be found here. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PRTS. Vanguard Group Inc. lifted its position in CarParts.com by 5.5% during the 3rd quarter. Vanguard Group Inc. now owns 4,134,543 shares of the specialty retailer’s stock valued at $17,034,000 after acquiring an additional 214,238 shares during the period. SG Americas Securities LLC lifted its position in CarParts.com by 10.9% during the 4th quarter. SG Americas Securities LLC now owns 63,615 shares of the specialty retailer’s stock valued at $201,000 after acquiring an additional 6,271 shares during the period. Assenagon Asset Management S.A. lifted its position in CarParts.com by 488.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 131,430 shares of the specialty retailer’s stock valued at $415,000 after acquiring an additional 109,107 shares during the period. Mackenzie Financial Corp lifted its position in CarParts.com by 94.8% during the 4th quarter. Mackenzie Financial Corp now owns 19,992 shares of the specialty retailer’s stock valued at $63,000 after acquiring an additional 9,728 shares during the period. Finally, First Eagle Investment Management LLC lifted its position in CarParts.com by 7.2% during the 4th quarter. First Eagle Investment Management LLC now owns 792,767 shares of the specialty retailer’s stock valued at $2,505,000 after acquiring an additional 52,963 shares during the period. 75.30% of the stock is owned by hedge funds and other institutional investors.

CarParts.com Company Profile

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.