Advance Auto Parts (NYSE:AAP) Shares Up 7.3% – Time to Buy?

Shares of Advance Auto Parts, Inc. (NYSE:AAP) rose 7.3% during trading on Monday . The company traded as high as $50.54 and last traded at $50.6330. Approximately 1,528,313 shares were traded during trading, a decline of 12% from the average daily volume of 1,735,552 shares. The stock had previously closed at $47.17.

Analysts Set New Price Targets

AAP has been the subject of several recent analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Advance Auto Parts in a report on Wednesday, January 21st. Truist Financial cut their target price on Advance Auto Parts from $57.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, May 13th. Northcoast Research raised Advance Auto Parts from a “neutral” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Wednesday, January 21st. Royal Bank Of Canada lowered their price target on Advance Auto Parts from $63.00 to $62.00 and set a “sector perform” rating on the stock in a research report on Tuesday, May 12th. Finally, TD Cowen reissued a “hold” rating on shares of Advance Auto Parts in a research note on Tuesday, February 17th. One equities research analyst has rated the stock with a Buy rating, eighteen have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Advance Auto Parts has a consensus rating of “Reduce” and a consensus price target of $52.72.

Advance Auto Parts Price Performance

The company has a market cap of $3.05 billion, a price-to-earnings ratio of 69.29, a P/E/G ratio of 0.83 and a beta of 1.06. The company has a current ratio of 1.75, a quick ratio of 0.87 and a debt-to-equity ratio of 1.55. The business has a 50-day moving average price of $53.72 and a 200 day moving average price of $50.37.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Friday, February 13th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.45. The business had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.95 billion. Advance Auto Parts had a return on equity of 6.23% and a net margin of 0.51%.Advance Auto Parts’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter last year, the company posted ($10.16) EPS. As a group, research analysts expect that Advance Auto Parts, Inc. will post 2.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Advance Auto Parts

Several institutional investors and hedge funds have recently added to or reduced their stakes in AAP. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Advance Auto Parts in the third quarter valued at $31,000. AlphaCore Capital LLC grew its holdings in shares of Advance Auto Parts by 6,288.9% during the third quarter. AlphaCore Capital LLC now owns 575 shares of the company’s stock valued at $35,000 after buying an additional 566 shares in the last quarter. Hantz Financial Services Inc. raised its position in Advance Auto Parts by 184.5% during the fourth quarter. Hantz Financial Services Inc. now owns 919 shares of the company’s stock valued at $36,000 after buying an additional 596 shares during the period. Smartleaf Asset Management LLC raised its position in Advance Auto Parts by 290.3% during the second quarter. Smartleaf Asset Management LLC now owns 925 shares of the company’s stock valued at $43,000 after buying an additional 688 shares during the period. Finally, Atlantic Union Bankshares Corp purchased a new stake in Advance Auto Parts in the 3rd quarter worth about $52,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc (NYSE: AAP) is a leading distributor of automotive aftermarket parts, accessories, and maintenance items. The company operates a network of stores and distribution centers across North America, serving both do-it-yourself (DIY) customers and professional service providers. Advance Auto Parts focuses on offering a comprehensive selection of replacement parts, batteries, engine components, and performance products for cars and light trucks.

The company’s product portfolio includes engine oils and lubricants, cooling system components, brake and suspension parts, filters, belts, hoses, and diagnostic tools.