Advance Auto Parts' (AAP) "Outperform" Rating Reiterated at Wedbush

Advance Auto Parts (NYSE:AAP - Get Free Report)'s stock had its "outperform" rating reaffirmed by investment analysts at Wedbush in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $55.00 target price on the stock. Wedbush's price target would indicate 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.

A number of other equities research analysts have also weighed in on the stock. TD Cowen lowered their price objective on shares of Advance Auto Parts from $65.00 to $55.00 and set a "hold" rating for the company in a report on Friday, August 23rd. Wells Fargo & Company decreased their target price on Advance Auto Parts from $50.00 to $40.00 and set an "equal weight" rating for the company in a report on Friday, September 13th. JPMorgan Chase & Co. lowered their price objective on shares of Advance Auto Parts from $68.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, August 16th. Roth Capital raised Advance Auto Parts to a "hold" rating in a research note on Tuesday, October 15th. Finally, Royal Bank of Canada lowered their target price on shares of Advance Auto Parts from $52.00 to $46.00 and set a "sector perform" rating for the company in a report on Monday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $49.14.

Advance Auto Parts Stock Down 7.3 %

Advance Auto Parts stock traded down $3.01 during trading on Friday, hitting $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 52 week low of $35.59 and a 52 week 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 company has a market capitalization of $2.28 billion, a P/E ratio of 3,819.00, a PEG ratio of 1.33 and a beta of 1.17. The business's 50 day moving average is $39.06 and its 200 day moving average is $54.63.

Advance Auto Parts (NYSE:AAP - Get Free Report) last posted its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.22). The firm had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.67 billion. Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. Advance Auto Parts's revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.43 EPS. Analysts predict that Advance Auto Parts will post 2.19 earnings per share for the current year.

Hedge Funds Weigh In On Advance Auto Parts

Hedge funds have recently bought and sold shares of the stock. Diversified Trust Co grew its holdings in Advance Auto Parts by 3.5% in the 2nd quarter. Diversified Trust Co now owns 6,787 shares of the company's stock valued at $430,000 after buying an additional 232 shares during the period. OLD National Bancorp IN grew its position in Advance Auto Parts by 6.8% during the second quarter. OLD National Bancorp IN now owns 3,697 shares of the company's stock valued at $234,000 after acquiring an additional 237 shares during the period. Covestor Ltd grew its holdings in shares of Advance Auto Parts by 8.5% during the 1st quarter. Covestor Ltd now owns 3,395 shares of the company's stock worth $289,000 after purchasing an additional 266 shares during the period. Sei Investments Co. increased its position in Advance Auto Parts by 0.5% during the 2nd quarter. Sei Investments Co. now owns 59,679 shares of the company's stock worth $3,779,000 after purchasing an additional 277 shares in the last quarter. Finally, Qsemble Capital Management LP raised its holdings in Advance Auto Parts by 7.6% in the second quarter. Qsemble Capital Management LP now owns 4,036 shares of the company's stock valued at $256,000 after buying an additional 285 shares during the period. Hedge funds and other 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.

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