Zacks Investment Research Downgrades U.S. Auto Parts Network (NASDAQ:PRTS) to Sell

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Zacks Investment Research lowered shares of U.S. Auto Parts Network (NASDAQ:PRTS) from a hold rating to a sell rating in a report released on Saturday, Zacks.com reports.

According to Zacks, “US AUTO PARTS NETWORK, INC., is a leading online provider of automotive aftermarket parts, including body parts, engine parts, performance parts and accessories. Through the Company’s network of websites, U.S. Auto Parts provides individual consumers with a broad selection of competitively priced products that are mapped by a proprietary product database to product applications based on vehicle makes, models and years. “

Separately, Barrington Research restated a buy rating and issued a $5.00 price objective on shares of U.S. Auto Parts Network in a research report on Monday, November 4th.

NASDAQ PRTS traded up $0.05 during trading on Friday, hitting $2.23. The company’s stock had a trading volume of 397,300 shares, compared to its average volume of 106,666. The business’s 50 day simple moving average is $1.60 and its 200-day simple moving average is $1.29. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.06 and a quick ratio of 0.17. The company has a market cap of $61.49 million, a PE ratio of -15.93 and a beta of 1.37. U.S. Auto Parts Network has a fifty-two week low of $0.88 and a fifty-two week high of $2.34.

U.S. Auto Parts Network (NASDAQ:PRTS) last posted its quarterly earnings data on Thursday, August 8th. The specialty retailer reported ($0.04) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.04). The business had revenue of $73.69 million during the quarter, compared to analysts’ expectations of $74.66 million. U.S. Auto Parts Network had a negative return on equity of 29.60% and a negative net margin of 3.88%. Analysts expect that U.S. Auto Parts Network will post -0.22 EPS for the current fiscal year.

In other U.S. Auto Parts Network news, Director David Kanen acquired 333,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was acquired at an average cost of $1.32 per share, for a total transaction of $439,560.00. Following the completion of the transaction, the director now directly owns 173,514 shares of the company’s stock, valued at $229,038.48. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Sol Khazani acquired 200,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average price of $1.19 per share, with a total value of $238,000.00. Following the completion of the transaction, the director now directly owns 173,514 shares of the company’s stock, valued at $206,481.66. The disclosure for this purchase can be found here. Insiders bought 981,107 shares of company stock valued at $1,381,497 over the last 90 days. Company insiders own 40.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. North Star Investment Management Corp. increased its position in shares of U.S. Auto Parts Network by 4.5% during the third quarter. North Star Investment Management Corp. now owns 2,474,875 shares of the specialty retailer’s stock worth $3,836,000 after purchasing an additional 106,700 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of U.S. Auto Parts Network by 6.5% during the second quarter. Renaissance Technologies LLC now owns 1,254,574 shares of the specialty retailer’s stock worth $1,568,000 after purchasing an additional 76,905 shares in the last quarter. Vanguard Group Inc. increased its position in shares of U.S. Auto Parts Network by 95.1% during the second quarter. Vanguard Group Inc. now owns 505,708 shares of the specialty retailer’s stock worth $632,000 after purchasing an additional 246,480 shares in the last quarter. Mid Atlantic Financial Management Inc. ADV increased its position in shares of U.S. Auto Parts Network by 43.0% during the second quarter. Mid Atlantic Financial Management Inc. ADV now owns 61,100 shares of the specialty retailer’s stock worth $76,000 after purchasing an additional 18,375 shares in the last quarter. Finally, Cutter & CO Brokerage Inc. purchased a new stake in shares of U.S. Auto Parts Network during the second quarter worth approximately $57,000. Hedge funds and other institutional investors own 26.49% of the company’s stock.

About U.S. Auto Parts Network

U.S. Auto Parts Network, 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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