Short Interest in CarParts.com, Inc. (NASDAQ:PRTS) Expands By 22.8%

CarParts.com, Inc. (NASDAQ:PRTS) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 733,300 shares, a growth of 22.8% from the August 15th total of 597,200 shares. Based on an average daily volume of 1,080,000 shares, the short-interest ratio is currently 0.7 days.

Wall Street Analysts Forecast Growth

PRTS has been the topic of several recent analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $1.30 price target (down previously from $2.00) on shares of CarParts.com in a research note on Wednesday, July 31st. Lake Street Capital lowered their target price on CarParts.com from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Finally, StockNews.com cut shares of CarParts.com from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $2.33.

Hedge Funds Weigh In On CarParts.com

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of CarParts.com in the first quarter worth $33,000. Oxford Asset Management LLP acquired a new stake in shares of CarParts.com in the fourth quarter valued at about $47,000. Cullen Frost Bankers Inc. bought a new position in shares of CarParts.com during the second quarter worth about $50,000. XTX Topco Ltd lifted its stake in shares of CarParts.com by 41.2% in the second quarter. XTX Topco Ltd now owns 68,687 shares of the specialty retailer’s stock worth $69,000 after acquiring an additional 20,037 shares during the period. Finally, Aristides Capital LLC bought a new stake in CarParts.com in the fourth quarter valued at approximately $80,000. 75.30% of the stock is currently owned by institutional investors and hedge funds.

CarParts.com Price Performance

PRTS stock remained flat at $0.85 during midday trading on Monday. The company had a trading volume of 221,082 shares, compared to its average volume of 856,394. CarParts.com has a twelve month low of $0.72 and a twelve month high of $4.26. The firm has a 50 day moving average of $0.95 and a two-hundred day moving average of $1.22. The company has a quick ratio of 0.51, a current ratio of 1.67 and a debt-to-equity ratio of 0.10. The company has a market cap of $48.24 million, a PE ratio of -3.15 and a beta of 2.05.

CarParts.com (NASDAQ:PRTS) last announced 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 firm had revenue of $144.27 million for the quarter. CarParts.com had a negative net margin of 3.75% and a negative return on equity of 21.44%. During the same quarter last year, the firm earned ($0.01) earnings per share.

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.