Short Interest in CarParts.com, Inc. (NASDAQ:PRTS) Declines By 16.5%

CarParts.com, Inc. (NASDAQ:PRTS) was the recipient of a large decrease in short interest in the month of March. As of March 15th, there was short interest totalling 559,900 shares, a decrease of 16.5% from the February 28th total of 670,800 shares. Based on an average daily volume of 584,500 shares, the short-interest ratio is currently 1.0 days. Currently, 1.0% of the company’s stock are short sold.

CarParts.com Stock Performance

Shares of CarParts.com stock traded up $0.05 during trading on Wednesday, hitting $1.04. 536,928 shares of the stock were exchanged, compared to its average volume of 722,394. The stock has a market cap of $60.63 million, a PE ratio of -1.93 and a beta of 2.11. The stock’s fifty day moving average is $1.08 and its 200 day moving average is $1.00. CarParts.com has a 12 month low of $0.68 and a 12 month high of $1.66. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.57 and a current ratio of 1.62.

CarParts.com (NASDAQ:PRTS) last released its quarterly earnings results on Tuesday, March 25th. The specialty retailer reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.08). The company had revenue of $588.85 million for the quarter, compared to the consensus estimate of $141.22 million. CarParts.com had a negative return on equity of 29.57% and a negative net margin of 5.11%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. StockNews.com upgraded CarParts.com from a “sell” rating to a “hold” rating in a research note on Tuesday. Craig Hallum raised CarParts.com from a “hold” rating to a “buy” rating and set a $3.00 price target on the stock in a research report on Thursday, March 6th.

Institutional Investors Weigh In On CarParts.com

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cannell Capital LLC bought a new stake in CarParts.com in the fourth quarter worth $1,249,000. Oaktop Capital Management II L.P. boosted its position in CarParts.com by 23.4% during the fourth quarter. Oaktop Capital Management II L.P. now owns 4,597,302 shares of the specialty retailer’s stock worth $4,965,000 after purchasing an additional 872,117 shares during the period. Assenagon Asset Management S.A. grew its holdings in CarParts.com by 145.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 675,371 shares of the specialty retailer’s stock valued at $729,000 after purchasing an additional 399,901 shares during the last quarter. AMH Equity Ltd bought a new position in shares of CarParts.com in the fourth quarter valued at approximately $368,000. Finally, Mackenzie Financial Corp acquired a new stake in shares of CarParts.com in the fourth quarter worth $264,000. Hedge funds and other institutional investors own 75.30% of the company’s stock.

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.