DA Davidson Reiterates “Neutral” Rating for Advance Auto Parts (NYSE:AAP)

Advance Auto Parts (NYSE:AAP)‘s stock had its “neutral” rating reissued by investment analysts at DA Davidson in a report issued on Thursday,Benzinga reports. They presently have a $47.00 target price on the stock. DA Davidson’s price target indicates a potential downside of 11.23% from the company’s previous close.

A number of other equities research analysts have also weighed in on AAP. TD Cowen cut their target price on shares of Advance Auto Parts from $62.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, January 20th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $55.00 price objective on shares of Advance Auto Parts in a research note on Friday, October 31st. Morgan Stanley lowered their price objective on Advance Auto Parts from $55.00 to $45.00 and set an “equal weight” rating for the company in a research note on Thursday, January 15th. Northcoast Research upgraded Advance Auto Parts from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Wednesday, January 21st. Finally, Cfra Research upgraded Advance Auto Parts to a “hold” rating in a report on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $50.70.

Advance Auto Parts Stock Performance

Shares of AAP traded down $1.57 during trading hours on Thursday, hitting $52.95. The company’s stock had a trading volume of 1,973,259 shares, compared to its average volume of 2,034,193. The business has a 50 day simple moving average of $45.27 and a two-hundred day simple moving average of $52.55. Advance Auto Parts has a 52-week low of $28.89 and a 52-week high of $70.00. The company has a market cap of $3.18 billion, a price-to-earnings ratio of -8.42 and a beta of 1.14. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.73 and a quick ratio of 0.88.

Insiders Place Their Bets

In other Advance Auto Parts news, EVP Kristen L. Soler sold 7,662 shares of the business’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $51.00, for a total transaction of $390,762.00. Following the sale, the executive vice president directly owned 23,165 shares in the company, valued at approximately $1,181,415. The trade was a 24.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of AAP. Salomon & Ludwin LLC purchased a new position in Advance Auto Parts during the third quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd purchased a new stake in Advance Auto Parts during the third quarter worth approximately $31,000. REAP Financial Group LLC purchased a new stake in Advance Auto Parts during the second quarter worth approximately $26,000. AlphaCore Capital LLC increased its position in shares of Advance Auto Parts by 6,288.9% in the third quarter. AlphaCore Capital LLC now owns 575 shares of the company’s stock worth $35,000 after acquiring an additional 566 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Advance Auto Parts by 198.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 751 shares of the company’s stock valued at $46,000 after acquiring an additional 499 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

About Advance Auto Parts

Advance Auto Parts, Inc (NYSE: AAP) is a leading distributor of automotive aftermarket parts, accessories, and maintenance items. The company operates a network of stores and distribution centers across North America, serving both do-it-yourself (DIY) customers and professional service providers. Advance Auto Parts focuses on offering a comprehensive selection of replacement parts, batteries, engine components, and performance products for cars and light trucks.

The company’s product portfolio includes engine oils and lubricants, cooling system components, brake and suspension parts, filters, belts, hoses, and diagnostic tools.