U.S. Auto Parts Network (NASDAQ:PRTS) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of U.S. Auto Parts Network (NASDAQ:PRTS) from a buy rating to a hold rating in a report released on Wednesday, 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. “

PRTS traded down $0.01 on Wednesday, hitting $1.59. The company’s stock had a trading volume of 39,432 shares, compared to its average volume of 65,157. The company’s 50 day simple moving average is $1.55 and its 200-day simple moving average is $1.23. U.S. Auto Parts Network has a 12 month low of $0.88 and a 12 month high of $1.80. The company has a quick ratio of 0.17, a current ratio of 1.07 and a debt-to-equity ratio of 0.33.

U.S. Auto Parts Network (NASDAQ:PRTS) last released its quarterly earnings data on Thursday, August 8th. The specialty retailer reported ($0.04) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.04). U.S. Auto Parts Network had a negative net margin of 3.21% and a negative return on equity of 23.48%. The company had revenue of $73.69 million during the quarter, compared to the consensus estimate of $74.66 million. On average, sell-side analysts expect that U.S. Auto Parts Network will post -0.21 EPS for the current year.

In other news, Director Sol Khazani bought 200,000 shares of the stock in a transaction on Wednesday, August 21st. The shares were acquired at an average cost of $1.19 per share, for a total transaction of $238,000.00. Following the purchase, the director now directly owns 173,514 shares of the company’s stock, valued at approximately $206,481.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Kanen bought 265,000 shares of the stock in a transaction on Friday, September 13th. The stock was purchased at an average price of $1.67 per share, for a total transaction of $442,550.00. Following the completion of the purchase, the director now directly owns 173,514 shares in the company, valued at $289,768.38. The disclosure for this purchase can be found here. Insiders acquired a total of 977,257 shares of company stock worth $1,374,490 over the last quarter. Corporate insiders own 40.60% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cutter & CO Brokerage Inc. purchased a new stake in shares of U.S. Auto Parts Network during the 2nd quarter valued at $57,000. Mid Atlantic Financial Management Inc. ADV raised its position in shares of U.S. Auto Parts Network by 43.0% during the 2nd quarter. Mid Atlantic Financial Management Inc. ADV now owns 61,100 shares of the specialty retailer’s stock valued at $76,000 after buying an additional 18,375 shares in the last quarter. Vanguard Group Inc. raised its position in shares of U.S. Auto Parts Network by 95.1% during the 2nd quarter. Vanguard Group Inc. now owns 505,708 shares of the specialty retailer’s stock valued at $632,000 after buying an additional 246,480 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of U.S. Auto Parts Network by 6.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,254,574 shares of the specialty retailer’s stock valued at $1,568,000 after buying an additional 76,905 shares in the last quarter. Finally, North Star Investment Management Corp. raised its position in shares of U.S. Auto Parts Network by 22.0% during the 2nd quarter. North Star Investment Management Corp. now owns 2,368,175 shares of the specialty retailer’s stock valued at $2,960,000 after buying an additional 427,439 shares in the last quarter. Institutional investors and hedge funds own 26.49% of the company’s stock.

U.S. Auto Parts Network Company Profile

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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