Truist Financial Forecasts Strong Price Appreciation for Advance Auto Parts (NYSE:AAP) Stock

Advance Auto Parts (NYSE:AAP) had its target price raised by equities researchers at Truist Financial from $51.00 to $53.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price objective points to a potential downside of 6.80% from the company’s previous close.

Several other equities analysts also recently commented on AAP. UBS Group set a $65.00 price target on shares of Advance Auto Parts and gave the company a “neutral” rating in a research note on Tuesday. Redburn Partners raised shares of Advance Auto Parts from a “sell” rating to a “neutral” rating and set a $45.00 price objective for the company in a research report on Tuesday, June 3rd. Mizuho upped their price objective on shares of Advance Auto Parts from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, July 3rd. Cowen reaffirmed a “hold” rating on shares of Advance Auto Parts in a research report on Friday, May 23rd. Finally, Citigroup set a $60.00 price objective on shares of Advance Auto Parts in a research report on Thursday. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $51.01.

Advance Auto Parts Trading Up 0.0%

AAP stock opened at $56.87 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.49 and a current ratio of 1.27. The company’s 50-day simple moving average is $55.15 and its 200 day simple moving average is $44.66. Advance Auto Parts has a 52 week low of $28.89 and a 52 week high of $70.00. The company has a market capitalization of $3.41 billion, a PE ratio of -8.93 and a beta of 1.05.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Thursday, August 14th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.59 by $0.10. Advance Auto Parts had a negative net margin of 4.37% and a negative return on equity of 1.97%. The business had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the prior year, the company posted $0.75 earnings per share. Advance Auto Parts’s revenue was down 7.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Advance Auto Parts will post -0.46 earnings per share for the current year.

Insider Transactions at Advance Auto Parts

In related news, SVP Jason Hand sold 948 shares of the firm’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $48.52, for a total value of $45,996.96. Following the completion of the transaction, the senior vice president owned 9,876 shares in the company, valued at $479,183.52. This trade represents a 8.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.35% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. REAP Financial Group LLC acquired a new stake in Advance Auto Parts during the 2nd quarter valued at approximately $26,000. Hexagon Capital Partners LLC grew its position in shares of Advance Auto Parts by 189.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 711 shares of the company’s stock worth $28,000 after buying an additional 465 shares during the period. Smartleaf Asset Management LLC grew its position in Advance Auto Parts by 290.3% in the 2nd quarter. Smartleaf Asset Management LLC now owns 925 shares of the company’s stock valued at $43,000 after purchasing an additional 688 shares during the period. Parallel Advisors LLC grew its position in Advance Auto Parts by 355.8% in the 2nd quarter. Parallel Advisors LLC now owns 939 shares of the company’s stock valued at $44,000 after purchasing an additional 733 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in Advance Auto Parts in the 4th quarter valued at $46,000. Institutional investors own 88.75% of the company’s stock.

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.