Royal Bank of Canada Cuts CarParts.com (NASDAQ:PRTS) Price Target to $0.80

CarParts.com (NASDAQ:PRTS) had its target price decreased by Royal Bank of Canada from $0.90 to $0.80 in a research report released on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the specialty retailer’s stock.

Several other research analysts also recently commented on PRTS. Lake Street Capital cut their target price on CarParts.com from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. StockNews.com lowered CarParts.com from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st.

CarParts.com Price Performance

Shares of NASDAQ:PRTS opened at $0.83 on Wednesday. The firm has a 50 day moving average of $0.84 and a 200-day moving average of $1.00. CarParts.com has a 12 month low of $0.68 and a 12 month high of $3.65. The company has a current ratio of 1.67, a quick ratio of 0.51 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $47.58 million, a PE ratio of -1.54 and a beta of 2.06.

CarParts.com (NASDAQ:PRTS) last released its earnings results on Tuesday, October 29th. The specialty retailer reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.06). CarParts.com had a negative net margin of 5.11% and a negative return on equity of 28.79%. The business had revenue of $144.75 million during the quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of CarParts.com in the 1st quarter worth about $33,000. Cullen Frost Bankers Inc. bought a new position in shares of CarParts.com during the 2nd quarter valued at approximately $50,000. XTX Topco Ltd increased its stake in shares of CarParts.com by 41.2% during the 2nd quarter. XTX Topco Ltd now owns 68,687 shares of the specialty retailer’s stock worth $69,000 after purchasing an additional 20,037 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of CarParts.com during the 2nd quarter worth approximately $93,000. Finally, Williams & Novak LLC purchased a new position in shares of CarParts.com during the 2nd quarter valued at $114,000. Hedge funds and other institutional investors own 75.30% of the company’s stock.

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.