CarParts.com, Inc. (NASDAQ:PRTS) Sees Significant Decrease in Short Interest

CarParts.com, Inc. (NASDAQ:PRTS) was the recipient of a significant decline in short interest in March. As of March 13th, there was short interest totaling 935,260 shares, a decline of 29.2% from the February 26th total of 1,321,674 shares. Approximately 1.5% of the company’s stock are short sold. Based on an average trading volume of 1,145,017 shares, the days-to-cover ratio is currently 0.8 days.

Institutional Trading of CarParts.com

Institutional investors have recently modified their holdings of the company. State Street Corp grew its position in CarParts.com by 13.2% during the 4th quarter. State Street Corp now owns 237,938 shares of the specialty retailer’s stock worth $119,000 after purchasing an additional 27,800 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of CarParts.com in the second quarter worth $25,000. Renaissance Technologies LLC lifted its stake in shares of CarParts.com by 2.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,352,700 shares of the specialty retailer’s stock worth $676,000 after buying an additional 35,900 shares during the period. Williams & Novak LLC lifted its stake in shares of CarParts.com by 27.7% during the fourth quarter. Williams & Novak LLC now owns 188,500 shares of the specialty retailer’s stock worth $94,000 after buying an additional 40,900 shares during the period. Finally, Cullen Frost Bankers Inc. purchased a new stake in shares of CarParts.com during the fourth quarter valued at $25,000. 75.30% of the stock is currently owned by institutional investors.

CarParts.com Stock Up 0.4%

Shares of PRTS traded up $0.00 during trading hours on Friday, hitting $0.83. The company had a trading volume of 362,510 shares, compared to its average volume of 956,282. The company has a current ratio of 1.66, a quick ratio of 0.49 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $58.15 million, a PE ratio of -0.96 and a beta of 0.84. CarParts.com has a one year low of $0.37 and a one year high of $1.36. The company’s fifty day moving average price is $0.67 and its two-hundred day moving average price is $0.62.

CarParts.com (NASDAQ:PRTS) last issued its quarterly earnings data on Thursday, March 5th. The specialty retailer reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.07. CarParts.com had a negative return on equity of 79.79% and a negative net margin of 9.21%.The company had revenue of $120.43 million for the quarter, compared to the consensus estimate of $118.91 million.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of CarParts.com in a report on Wednesday, January 21st. Wall Street Zen upgraded shares of CarParts.com from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Finally, Royal Bank Of Canada dropped their price objective on shares of CarParts.com from $0.60 to $0.50 and set a “sector perform” rating on the stock in a research note on Friday, March 6th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $0.50.

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.