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

Advance Auto Parts, Inc. (NYSE:AAP) 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 were traded 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.

A number of other analysts have also recently commented on the company. Evercore ISI cut 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. The Goldman Sachs Group cut their price target on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a research report on Friday. UBS Group increased their price objective on Advance Auto Parts from $42.00 to $44.00 and gave the company a “neutral” rating in a report on Friday. Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a report on Tuesday, October 15th. Finally, Royal Bank of Canada decreased their price target on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating for the company in a research note on Monday. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $49.46.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AAP. Allspring Global Investments Holdings LLC purchased a new stake in Advance Auto Parts during the first quarter worth $34,000. Mather Group LLC. raised its stake in shares of Advance Auto Parts by 1,241.7% during the 2nd quarter. Mather Group LLC. now owns 644 shares of the company’s stock worth $41,000 after buying an additional 596 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Advance Auto Parts in the 2nd quarter worth about $41,000. Blue Trust Inc. grew its position in shares of 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 purchasing an additional 436 shares during the last quarter. Finally, AM Squared Ltd purchased a new position in shares of Advance Auto Parts during the 2nd quarter worth approximately $63,000. Hedge funds and other institutional investors own 88.75% of the company’s stock.

Advance Auto Parts Stock Performance

The company has a market capitalization 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 quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The stock has a fifty day moving average price of $39.06 and a two-hundred day moving average price of $54.63.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.43 earnings per share. As a group, analysts forecast that Advance Auto Parts, Inc. will post 2.19 EPS for the current fiscal 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.