Advance Auto Parts (NYSE:AAP) Trading Down 4.8% - Here's What Happened

Advance Auto Parts, Inc. (NYSE:AAP - Get Free Report) shares dropped 4.8% during trading on Tuesday . The company traded as low as $46.28 and last traded at $45.58. Approximately 116,476 shares traded hands during trading, a decline of 93% from the average daily volume of 1,592,865 shares. The stock had previously closed at $47.87.

Analyst Ratings Changes

AAP has been the subject of a number of research reports. Royal Bank of Canada lowered their price target on Advance Auto Parts from $52.00 to $46.00 and set a "sector perform" rating for the company in a research report on Monday, November 11th. Truist Financial cut their price objective on shares of Advance Auto Parts from $41.00 to $39.00 and set a "hold" rating on the stock in a research note on Friday, November 15th. Evercore ISI increased their price objective on shares of Advance Auto Parts from $45.00 to $60.00 and gave the stock a "hold" rating in a research note on Wednesday, November 20th. Wedbush reiterated an "outperform" rating and issued a $55.00 price objective on shares of Advance Auto Parts in a research note on Friday, November 15th. Finally, The Goldman Sachs Group cut their price objective on shares of Advance Auto Parts from $60.00 to $43.00 and set a "neutral" rating on the stock in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Advance Auto Parts currently has a consensus rating of "Hold" and a consensus price target of $47.88.

Advance Auto Parts Price Performance

The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The stock's 50-day simple moving average is $46.21 and its two-hundred day simple moving average is $44.40. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 59.53, a PEG ratio of 2.02 and a beta of 1.15.

Insiders Place Their Bets

In other news, EVP Tammy M. Finley sold 1,276 shares of Advance Auto Parts stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $44.06, for a total value of $56,220.56. Following the sale, the executive vice president now directly owns 24,266 shares of the company's stock, valued at $1,069,159.96. The trade was a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.35% of the stock is currently owned by company insiders.

Institutional Trading of Advance Auto Parts

Institutional investors have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Advance Auto Parts in the 3rd quarter valued at about $14,684,000. Wolverine Asset Management LLC raised its holdings in Advance Auto Parts by 212.4% in the 3rd quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company's stock valued at $1,223,000 after acquiring an additional 21,320 shares during the last quarter. Blue Trust Inc. raised its holdings in Advance Auto Parts by 75.9% in the 4th quarter. Blue Trust Inc. now owns 2,119 shares of the company's stock valued at $100,000 after acquiring an additional 914 shares during the last quarter. Quest Partners LLC acquired a new stake in Advance Auto Parts in the 3rd quarter valued at about $579,000. Finally, Moody National Bank Trust Division acquired a new stake in Advance Auto Parts in the 4th quarter valued at about $1,196,000. 88.75% of the stock is owned by institutional investors and hedge funds.

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.