Short Interest in CarParts.com, Inc. (NASDAQ:PRTS) Decreases By 85.1%

CarParts.com, Inc. (NASDAQ:PRTS) was the target of a large decline in short interest during the month of May. As of May 29th, there was short interest totaling 402,255 shares, a decline of 85.1% from the May 14th total of 2,700,947 shares. Currently, 5.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 82,258 shares, the days-to-cover ratio is currently 4.9 days.

CarParts.com Price Performance

PRTS stock traded down $0.01 during trading on Wednesday, hitting $5.94. The stock had a trading volume of 3,342 shares, compared to its average volume of 72,689. The company’s 50 day moving average price is $7.62 and its two-hundred day moving average price is $6.45. CarParts.com has a 1-year low of $3.72 and a 1-year high of $13.60. The stock has a market cap of $47.85 million, a price-to-earnings ratio of -0.96 and a beta of 0.70. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.62 and a current ratio of 1.67.

CarParts.com (NASDAQ:PRTS) last posted its quarterly earnings results on Thursday, May 7th. The specialty retailer reported ($0.03) EPS for the quarter, beating the consensus estimate of ($1.15) by $1.12. The company had revenue of $131.96 million during the quarter, compared to analysts’ expectations of $131.38 million. CarParts.com had a negative return on equity of 61.91% and a negative net margin of 6.97%.

Wall Street Analyst Weigh In

PRTS has been the subject of several research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of CarParts.com in a research note on Monday, April 20th. Wall Street Zen raised shares of CarParts.com from a “sell” rating to a “hold” rating in a research note on Sunday, April 19th. Finally, Royal Bank Of Canada boosted their target price on shares of CarParts.com from $5.00 to $6.00 and gave the company a “sector perform” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $6.00.

Institutional Trading of CarParts.com

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp grew its holdings in CarParts.com by 13.2% in the 4th quarter. State Street Corp now owns 237,938 shares of the specialty retailer’s stock valued at $119,000 after buying an additional 27,800 shares during the period. Jane Street Group LLC purchased a new stake in shares of CarParts.com during the 2nd quarter worth about $25,000. Renaissance Technologies LLC grew its holdings in shares of CarParts.com by 2.7% during the 4th quarter. Renaissance Technologies LLC now owns 1,352,700 shares of the specialty retailer’s stock worth $676,000 after purchasing an additional 35,900 shares during the period. Williams & Novak LLC grew its holdings in shares of CarParts.com by 27.7% during the 4th quarter. Williams & Novak LLC now owns 188,500 shares of the specialty retailer’s stock worth $94,000 after purchasing an additional 40,900 shares during the period. Finally, Cullen Frost Bankers Inc. purchased a new stake in shares of CarParts.com during the 4th quarter worth about $25,000. Hedge funds and other institutional investors own 75.30% of the company’s stock.

CarParts.com Company Profile

CarParts.com, Inc operates as a leading online retailer of aftermarket automotive parts and accessories in the United States. Through its flagship website CarParts.com and affiliated e-commerce platforms, the company offers replacement components, performance upgrades, maintenance items and collision repair parts for a wide range of domestic and import vehicles. Its product catalog includes engine parts, exterior and interior accessories, lighting, braking systems and powertrain components, supported by an extensive inventory and proprietary order management system.

Founded in 1995 by George Chamoun and headquartered in Torrance, California, CarParts.com has grown from a regional auto parts supplier into a national e-commerce platform.