Advance Auto Parts (NYSE:AAP) Shares Gap Up – What’s Next?

Advance Auto Parts, Inc. (NYSE:AAP) gapped up before the market opened on Thursday . The stock had previously closed at $40.94, but opened at $43.49. Advance Auto Parts shares last traded at $44.10, with a volume of 2,062,627 shares traded.

Analysts Set New Price Targets

AAP has been the topic of several analyst reports. JPMorgan Chase & Co. reduced their price objective on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Royal Bank of Canada cut their target price on Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating on the stock in a research note on Monday. TD Cowen cut their target price on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, August 23rd. Truist Financial cut their target price on Advance Auto Parts from $46.00 to $41.00 and set a “hold” rating on the stock in a research note on Thursday, November 7th. Finally, 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 note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $54.08.

Advance Auto Parts Stock Performance

The company has a market cap of $2.55 billion, a P/E ratio of 4,433.00, a PEG ratio of 1.30 and a beta of 1.17. The firm has a 50 day moving average of $39.05 and a 200-day moving average of $54.72. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69.

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

Institutional Trading of Advance Auto Parts

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC purchased a new position in Advance Auto Parts in the 1st quarter worth $34,000. Mather Group LLC. raised its stake in Advance Auto Parts by 1,241.7% in the 2nd quarter. Mather Group LLC. now owns 644 shares of the company’s stock worth $41,000 after acquiring an additional 596 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in Advance Auto Parts in the 2nd quarter worth $41,000. Blue Trust Inc. raised its stake in Advance Auto Parts by 56.7% in the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the company’s stock worth $47,000 after acquiring an additional 436 shares during the last quarter. Finally, AM Squared Ltd purchased a new position in Advance Auto Parts in the 2nd quarter worth $63,000. Institutional investors own 88.75% of the company’s stock.

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.