Short Interest in CarParts.com, Inc. (NASDAQ:PRTS) Rises By 54.7%

CarParts.com, Inc. (NASDAQ:PRTS) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totaling 1,447,141 shares, a growth of 54.7% from the March 15th total of 935,260 shares. Based on an average trading volume of 667,885 shares, the short-interest ratio is currently 2.2 days. Approximately 2.3% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of CarParts.com in a research note on Wednesday, January 21st. Wall Street Zen downgraded shares of CarParts.com from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Finally, Royal Bank Of Canada dropped their target price 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 equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $0.50.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. State Street Corp raised its holdings in shares of CarParts.com by 13.2% during the fourth quarter. State Street Corp now owns 237,938 shares of the specialty retailer’s stock valued at $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 during the second quarter valued at approximately $25,000. Renaissance Technologies LLC raised its holdings 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 valued at $676,000 after purchasing an additional 35,900 shares during the last quarter. Williams & Novak LLC raised its holdings 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 valued at $94,000 after purchasing an additional 40,900 shares during the last quarter. Finally, Argentarii LLC purchased a new position in shares of CarParts.com during the third quarter valued at approximately $36,000. 75.30% of the stock is owned by hedge funds and other institutional investors.

CarParts.com Trading Up 3.2%

Shares of NASDAQ PRTS opened at $0.82 on Thursday. The firm’s 50 day moving average price is $0.74 and its 200-day moving average price is $0.62. The company has a market cap of $57.67 million, a PE ratio of -0.95 and a beta of 0.78. CarParts.com has a 52-week low of $0.37 and a 52-week high of $1.36. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.49 and a current ratio of 1.66.

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

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.