CarParts.com, Inc. (NASDAQ:PRTS) Short Interest Up 47.1% in August

CarParts.com, Inc. (NASDAQ:PRTS) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 2,000,000 shares, a growth of 47.1% from the August 15th total of 1,360,000 shares. Currently, 5.9% of the shares of the company are sold short. Based on an average trading volume of 1,500,000 shares, the days-to-cover ratio is currently 1.3 days.

NASDAQ:PRTS opened at $9.57 on Tuesday. CarParts.com has a 52-week low of $1.04 and a 52-week high of $16.44. The stock has a fifty day moving average of $13.13 and a 200 day moving average of $7.36. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.39 and a current ratio of 1.09. The firm has a market capitalization of $452.86 million, a price-to-earnings ratio of -12.93 and a beta of 2.69.

CarParts.com (NASDAQ:PRTS) last released its quarterly earnings results on Monday, August 10th. The specialty retailer reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.04. The firm had revenue of $118.93 million for the quarter, compared to analysts’ expectations of $78.92 million. CarParts.com had a negative return on equity of 123.97% and a negative net margin of 7.65%. Equities analysts forecast that CarParts.com will post -0.03 earnings per share for the current fiscal year.

Several brokerages have weighed in on PRTS. BidaskClub lowered CarParts.com from a “hold” rating to a “sell” rating in a report on Tuesday. Small Cap Consu reiterated a “buy” rating on shares of CarParts.com in a research note on Thursday, August 6th. Craig Hallum lifted their price objective on CarParts.com from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Zacks Investment Research downgraded shares of CarParts.com from a “buy” rating to a “hold” rating in a report on Friday, August 21st. Finally, Roth Capital reiterated a “buy” rating and issued a $17.00 target price on shares of CarParts.com in a research note on Wednesday, September 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $17.40.

In related news, CMO Houman Akhavan bought 4,000 shares of the company’s stock in a transaction on Friday, September 4th. The shares were purchased at an average cost of $10.33 per share, for a total transaction of $41,320.00. Following the completion of the purchase, the chief marketing officer now directly owns 194,165 shares in the company, valued at $2,005,724.45. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Alfredo Gomez bought 3,000 shares of CarParts.com stock in a transaction dated Wednesday, August 19th. The shares were bought at an average cost of $14.84 per share, with a total value of $44,520.00. Following the completion of the transaction, the vice president now directly owns 126,483 shares in the company, valued at $1,877,007.72. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 16,130 shares of company stock valued at $202,027 and have sold 1,335,904 shares valued at $11,803,796. Company insiders own 46.10% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of PRTS. Nuveen Asset Management LLC purchased a new position in shares of CarParts.com during the second quarter worth approximately $1,623,000. Charles Schwab Investment Management Inc. bought a new position in shares of CarParts.com during the 2nd quarter valued at $497,000. Engineers Gate Manager LP bought a new position in shares of CarParts.com during the 2nd quarter valued at $488,000. Bank of America Corp DE raised its position in CarParts.com by 882.5% in the 2nd quarter. Bank of America Corp DE now owns 19,649 shares of the specialty retailer’s stock worth $170,000 after purchasing an additional 17,649 shares during the period. Finally, RK Capital Management LLC bought a new stake in CarParts.com in the second quarter worth $3,006,000. 35.14% of the stock is owned by institutional investors and hedge funds.

About CarParts.com

CarParts.com, Inc, together with its subsidiaries, operates as an online provider of aftermarket auto parts and accessories primarily in the United States and the Philippines. It offers collision parts, such as parts for the exterior of an automobile; mirror products; engine parts comprising engine and chassis components, as well as other mechanical and electrical parts; and performance parts and accessories to individual consumers through its network of e-commerce Websites and online marketplaces.

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