Wedbush Reaffirms Outperform Rating for Advance Auto Parts (NYSE:AAP)

Advance Auto Parts (NYSE:AAP)‘s stock had its “outperform” rating reissued by Wedbush in a note issued to investors on Friday,Benzinga reports. They presently have a $55.00 price target on the stock. Wedbush’s price objective suggests a potential upside of 45.93% from the company’s current price. Wedbush also issued estimates for Advance Auto Parts’ Q3 2024 earnings at $0.48 EPS, Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $2.25 EPS, FY2025 earnings at $2.68 EPS and FY2026 earnings at $3.77 EPS.

AAP has been the topic of several other reports. Roth Capital raised Advance Auto Parts to a “hold” rating in a research report on Tuesday, October 15th. Royal Bank of Canada reduced their price objective on Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating for the company in a research note on Monday, November 11th. UBS Group raised their target price on shares of Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a research note on Friday. The Goldman Sachs Group lowered their price objective on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Roth Mkm restated a “neutral” rating and set a $40.00 target price on shares of Advance Auto Parts in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $49.14.

Advance Auto Parts Trading Down 8.5 %

NYSE:AAP opened at $37.69 on Friday. The firm has a 50-day moving average price of $39.02 and a two-hundred day moving average price of $54.24. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of 51.63, a price-to-earnings-growth ratio of 1.33 and a beta of 1.17. Advance Auto Parts has a 52 week low of $35.59 and a 52 week high of $88.56. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.30 and a current ratio of 1.23.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). The company had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The business’s revenue for the quarter was down .1% on a year-over-year basis. During the same period last year, the company posted $1.43 EPS. On average, equities analysts expect that Advance Auto Parts will post 2.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Advance Auto Parts

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Diversified Trust Co grew its position in Advance Auto Parts by 3.5% during the second quarter. Diversified Trust Co now owns 6,787 shares of the company’s stock valued at $430,000 after acquiring an additional 232 shares during the period. OLD National Bancorp IN increased its stake in Advance Auto Parts by 6.8% during the 2nd quarter. OLD National Bancorp IN now owns 3,697 shares of the company’s stock worth $234,000 after buying an additional 237 shares during the period. Covestor Ltd lifted its stake in shares of Advance Auto Parts by 8.5% in the first quarter. Covestor Ltd now owns 3,395 shares of the company’s stock worth $289,000 after acquiring an additional 266 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Advance Auto Parts by 0.5% during the 2nd quarter. Sei Investments Co. now owns 59,679 shares of the company’s stock valued at $3,779,000 after buying an additional 277 shares during the last quarter. Finally, Qsemble Capital Management LP boosted its stake in Advance Auto Parts by 7.6% during the 2nd quarter. Qsemble Capital Management LP now owns 4,036 shares of the company’s stock valued at $256,000 after acquiring an additional 285 shares during the last quarter. 88.75% of the stock is currently owned by institutional investors and hedge funds.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.