Advance Auto Parts (NYSE:AAP) Shares Down 6.4% on Analyst Downgrade

Advance Auto Parts, Inc. (NYSE:AAP)’s stock price dropped 6.4% during trading on Friday after Truist Financial lowered their price target on the stock from $41.00 to $39.00. Truist Financial currently has a hold rating on the stock. Advance Auto Parts traded as low as $38.48 and last traded at $38.58. Approximately 459,382 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 2,029,338 shares. The stock had previously closed at $41.20.

Several other equities research analysts have also recently issued reports on the stock. Roth Mkm restated a “neutral” rating and set a $40.00 price objective on shares of Advance Auto Parts in a research report on Wednesday, October 16th. TD Cowen reduced their price target on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Friday, August 23rd. The Goldman Sachs Group decreased their price objective on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a report on Friday. Evercore ISI reduced their target price on Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 22nd. Finally, Mizuho reiterated a “neutral” rating and set a $38.00 price target (down from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $49.46.

Institutional Investors Weigh In On Advance Auto Parts

Several large investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new stake in Advance Auto Parts during the 1st quarter worth about $34,000. Mather Group LLC. grew its position in shares of Advance Auto Parts by 1,241.7% during the second quarter. Mather Group LLC. now owns 644 shares of the company’s stock worth $41,000 after buying an additional 596 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Advance Auto Parts during the second quarter worth approximately $41,000. Blue Trust Inc. raised its holdings in Advance Auto Parts by 56.7% in the third quarter. Blue Trust Inc. now owns 1,205 shares of the company’s stock valued at $47,000 after acquiring an additional 436 shares in the last quarter. Finally, AM Squared Ltd purchased a new position in Advance Auto Parts in the second quarter worth approximately $63,000. 88.75% of the stock is owned by hedge funds and other institutional investors.

Advance Auto Parts Stock Down 6.6 %

The firm’s fifty day simple moving average is $39.06 and its 200 day simple moving average is $54.63. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 3,848.00, a PEG ratio of 1.33 and a beta of 1.17. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69.

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

About Advance Auto Parts

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.