Lake Street Capital Cuts CarParts.com (NASDAQ:PRTS) Price Target to $2.00

CarParts.com (NASDAQ:PRTS) had its price objective dropped by investment analysts at Lake Street Capital from $3.00 to $2.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the specialty retailer’s stock. Lake Street Capital’s target price suggests a potential upside of 91.39% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $1.30 price target (down from $2.00) on shares of CarParts.com in a report on Wednesday. Craig Hallum reiterated a “hold” rating and issued a $2.00 price objective (down previously from $4.00) on shares of CarParts.com in a report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.33.

CarParts.com Stock Performance

Shares of NASDAQ PRTS traded down $0.16 during trading on Wednesday, reaching $1.05. 1,885,571 shares of the company traded hands, compared to its average volume of 843,446. The company has a quick ratio of 0.56, a current ratio of 1.63 and a debt-to-equity ratio of 0.10. CarParts.com has a 52-week low of $0.96 and a 52-week high of $5.10. The stock has a market capitalization of $59.25 million, a PE ratio of -3.87 and a beta of 2.01. The firm has a 50 day simple moving average of $1.12 and a 200-day simple moving average of $1.66.

CarParts.com (NASDAQ:PRTS) last posted its quarterly 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 13.75% and a negative net margin of 2.36%. During the same quarter in the previous year, the company posted ($0.01) earnings per share.

Insider Activity at CarParts.com

In other CarParts.com news, Director Jim Barnes acquired 94,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were purchased at an average price of $1.10 per share, for a total transaction of $103,400.00. Following the completion of the purchase, the director now directly owns 252,097 shares in the company, valued at $277,306.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other CarParts.com news, Director Jay Keith Greyson acquired 41,658 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the director now owns 282,107 shares in the company, valued at $293,391.28. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jim Barnes acquired 94,000 shares of CarParts.com stock in a transaction dated Tuesday, June 11th. The stock was purchased at an average price of $1.10 per share, with a total value of $103,400.00. Following the completion of the purchase, the director now directly owns 252,097 shares of the company’s stock, valued at approximately $277,306.70. The disclosure for this purchase can be found here. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PRTS. Vanguard Group Inc. grew its stake in shares of CarParts.com by 5.5% in the 3rd quarter. Vanguard Group Inc. now owns 4,134,543 shares of the specialty retailer’s stock valued at $17,034,000 after purchasing an additional 214,238 shares during the period. Oaktop Capital Management II L.P. raised its stake in shares of CarParts.com by 11.5% in the fourth quarter. Oaktop Capital Management II L.P. now owns 3,725,185 shares of the specialty retailer’s stock valued at $11,772,000 after acquiring an additional 383,426 shares during the last quarter. Acadian Asset Management LLC increased its holdings in 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 valued at $2,978,000 after purchasing an additional 582,376 shares in the last quarter. Wasatch Advisors LP lifted its position in CarParts.com by 56.2% during the 4th quarter. Wasatch Advisors LP now owns 1,472,946 shares of the specialty retailer’s stock worth $4,655,000 after buying an additional 529,767 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its holdings 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 worth $2,505,000 after buying an additional 52,963 shares in the last quarter. 75.30% of the stock is currently owned by institutional investors and hedge funds.

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.