Advance Auto Parts (NYSE:AAP) Receives “Outperform” Rating from Wedbush

Advance Auto Parts (NYSE:AAP)‘s stock had its “outperform” rating restated by analysts at Wedbush in a report released on Friday,Benzinga reports. They presently have a $55.00 price objective on the stock. Wedbush’s target price suggests a potential upside of 44.02% from the company’s current price. Wedbush also issued estimates for Advance Auto Parts’ Q3 2024 earnings at $0.48 EPS, Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $2.25 EPS, FY2025 earnings at $2.68 EPS and FY2026 earnings at $3.77 EPS.

AAP has been the topic of a number of other research reports. Evercore ISI dropped 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. Truist Financial decreased their price target on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating on the stock in a report on Friday. Wells Fargo & Company decreased their target price on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Royal Bank of Canada reduced their target price on Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. cut their price target on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $49.14.

Advance Auto Parts Stock Performance

Advance Auto Parts stock traded down $3.01 during trading hours on Friday, reaching $38.19. 3,178,065 shares of the company were exchanged, compared to its average volume of 2,041,584. Advance Auto Parts has a 12 month low of $35.59 and a 12 month high of $88.56. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69. The firm has a market cap of $2.28 billion, a price-to-earnings ratio of 3,819.00, a PEG ratio of 1.33 and a beta of 1.17. The stock has a 50-day moving average of $39.06 and a 200 day moving average of $54.63.

Advance Auto Parts (NYSE:AAP) last announced its quarterly 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 firm 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 company’s revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the business earned $1.43 earnings per share. As a group, research analysts anticipate that Advance Auto Parts will post 2.19 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AAP. Allspring Global Investments Holdings LLC bought a new position in shares of Advance Auto Parts during the first quarter valued at approximately $34,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Advance Auto Parts in the first quarter valued at about $292,000. Sei Investments Co. raised its stake in Advance Auto Parts by 0.6% in the 1st quarter. Sei Investments Co. now owns 59,402 shares of the company’s stock valued at $5,055,000 after purchasing an additional 352 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Advance Auto Parts by 10.3% during the 1st quarter. US Bancorp DE now owns 12,767 shares of the company’s stock worth $1,086,000 after purchasing an additional 1,197 shares during the last quarter. Finally, Bleakley Financial Group LLC purchased a new stake in shares of Advance Auto Parts in the first quarter valued at about $207,000. 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.