Royal Bank of Canada Has Lowered Expectations for CarParts.com (NASDAQ:PRTS) Stock Price

CarParts.com (NASDAQ:PRTS) had its target price decreased by equities research analysts at Royal Bank of Canada from $0.90 to $0.80 in a report issued 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 points to a potential downside of 3.61% from the company’s previous close.

Other analysts have also issued research reports about the company. StockNews.com lowered CarParts.com from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Lake Street Capital decreased their price target on shares of CarParts.com from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st.

CarParts.com Stock Performance

Shares of NASDAQ PRTS opened at $0.83 on Wednesday. The firm’s 50-day moving average is $0.84 and its two-hundred day moving average is $1.00. CarParts.com has a 12-month low of $0.68 and a 12-month high of $3.65. The company has a quick ratio of 0.51, a current ratio of 1.67 and a debt-to-equity ratio of 0.10.

CarParts.com (NASDAQ:PRTS) last posted its earnings results on Tuesday, July 30th. The specialty retailer reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.05). The company had revenue of $144.27 million during the quarter. CarParts.com had a negative net margin of 5.11% and a negative return on equity of 28.79%. During the same quarter in the prior year, the firm posted ($0.01) earnings per share.

Institutional Investors Weigh In On CarParts.com

A number of hedge funds and other institutional investors have recently made changes to their positions in PRTS. Mirae Asset Global Investments Co. Ltd. acquired a new stake in CarParts.com in the 1st quarter worth about $33,000. Cullen Frost Bankers Inc. acquired a new stake in shares of CarParts.com in the second quarter worth approximately $50,000. XTX Topco Ltd grew its holdings in CarParts.com by 41.2% in the second quarter. XTX Topco Ltd now owns 68,687 shares of the specialty retailer’s stock valued at $69,000 after purchasing an additional 20,037 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in CarParts.com during the second quarter worth approximately $93,000. Finally, Williams & Novak LLC purchased a new position in CarParts.com during the second quarter worth approximately $114,000. Hedge funds and other institutional investors own 75.30% of the company’s stock.

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.