CarParts.com, Inc. (NASDAQ:PRTS) Short Interest Up 21.4% in October

CarParts.com, Inc. (NASDAQ:PRTS) was the recipient of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 1,110,000 shares, an increase of 21.4% from the October 15th total of 914,200 shares. Based on an average daily trading volume, of 550,600 shares, the days-to-cover ratio is currently 2.0 days.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of CarParts.com in the 1st quarter valued at about $33,000. Cullen Frost Bankers Inc. acquired a new position in CarParts.com in the 2nd quarter valued at $50,000. XTX Topco Ltd lifted its position in shares of CarParts.com by 41.2% during the 2nd quarter. XTX Topco Ltd now owns 68,687 shares of the specialty retailer’s stock worth $69,000 after buying an additional 20,037 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of CarParts.com during the second quarter worth about $93,000. Finally, Williams & Novak LLC acquired a new stake in CarParts.com in the second quarter valued at approximately $114,000. Institutional investors and hedge funds own 75.30% of the company’s stock.

CarParts.com Price Performance

Shares of PRTS stock traded up $0.07 on Friday, reaching $1.01. The company’s stock had a trading volume of 456,169 shares, compared to its average volume of 779,464. The stock’s 50 day simple moving average is $0.86 and its 200-day simple moving average is $0.98. CarParts.com has a 12-month low of $0.68 and a 12-month high of $3.65. The company has a market capitalization of $57.97 million, a P/E ratio of -1.87 and a beta of 2.06. The company has a quick ratio of 0.57, a current ratio of 1.62 and a debt-to-equity ratio of 0.10.

CarParts.com (NASDAQ:PRTS) last announced its quarterly earnings results on Tuesday, October 29th. The specialty retailer reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.06). CarParts.com had a negative return on equity of 29.57% and a negative net margin of 5.11%. The company had revenue of $144.75 million during the quarter.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Lake Street Capital reduced their price objective on shares of CarParts.com from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Royal Bank of Canada reduced their price objective on CarParts.com from $0.90 to $0.80 and set a “sector perform” rating for the company in a research report on Wednesday, October 30th. Finally, StockNews.com raised CarParts.com from a “sell” rating to a “hold” rating in a research report on Tuesday.

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.