CarParts.com (NASDAQ:PRTS) Price Target Cut to $4.00

Posted by on Nov 2nd, 2023

CarParts.com (NASDAQ:PRTS – Get Free Report) had its target price cut by Royal Bank of Canada from $7.00 to $4.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the specialty retailer’s stock. Royal Bank of Canada’s price target points to a potential upside of 35.82% from the company’s current price.

Several other analysts also recently issued reports on the stock. Roth Mkm reissued a “buy” rating and set a $5.50 target price on shares of CarParts.com in a research note on Thursday, August 24th. StockNews.com began coverage on shares of CarParts.com in a research note on Thursday, October 5th. They set a “hold” rating on the stock.

Check Out Our Latest Stock Analysis on PRTS

CarParts.com Price Performance

Shares of NASDAQ:PRTS opened at $2.95 on Tuesday. CarParts.com has a one year low of $2.50 and a one year high of $7.44. The stock has a fifty day moving average of $4.05 and a 200-day moving average of $4.28. The company has a market capitalization of $167.92 million, a PE ratio of -21.04 and a beta of 2.19. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.80 and a current ratio of 1.77.

CarParts.com (NASDAQ:PRTS – Get Free Report) last announced its earnings results on Tuesday, August 1st. The specialty retailer reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). CarParts.com had a negative net margin of 1.24% and a negative return on equity of 7.25%. The company had revenue of $176.98 million for the quarter, compared to the consensus estimate of $176.00 million. As a group, equities analysts anticipate that CarParts.com will post -0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On CarParts.com

A number of hedge funds have recently modified their holdings of PRTS. Captrust Financial Advisors bought a new stake in CarParts.com in the second quarter worth $35,000. Lazard Asset Management LLC acquired a new position in CarParts.com during the fourth quarter worth $33,000. Quantbot Technologies LP acquired a new position in CarParts.com during the first quarter worth $40,000. Parallel Advisors LLC increased its position in CarParts.com by 12,627.3% during the second quarter. Parallel Advisors LLC now owns 7,000 shares of the specialty retailer’s stock worth $30,000 after buying an additional 6,945 shares during the last quarter. Finally, PNC Financial Services Group Inc. acquired a new position in CarParts.com during the fourth quarter worth $47,000. 74.15% of the stock is owned by institutional investors and hedge funds.

About CarParts.com

(Get Free Report)

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 to individual consumers through its network of e-commerce websites and online marketplaces.

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