Advance Auto Parts Inc [NYSE: AAP] jumped around 1.67 points on Wednesday, while shares priced at $66.42 at the close of the session, up 2.58%. The company report on February 28, 2024 at 6:30 AM that Advance Auto Parts Reports Fourth Quarter and Full Year 2023 Results.
Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America, that serves both professional installer and do-it-yourself customers, announced its financial results for the fourth quarter and full year ended December 30, 2023.
“As we closed out 2023, we continued to act with a sense of urgency to stabilize the business and position the company to return to profitable growth,” said Shane O’Kelly, president and chief executive officer. “Our full year results are well below our expectations, and we are focused on instilling greater discipline and accountability both in the fundamental business and in how the organization executes across the board. In addition to the operational improvements we are implementing, we are strengthening internal controls and enhancing the quality of our accounting information to help better inform how we drive the business forward.
Compared to the average trading volume of 1.64M shares, AAP reached a trading volume of 7514489 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Advance Auto Parts Inc [AAP]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for AAP shares is $53.63 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on AAP stock is a recommendation set at 3.29. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
William Blair have made an estimate for Advance Auto Parts Inc shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on December 13, 2023. While these analysts kept the previous recommendation, BofA Securities dropped their target price from $60 to $43. The new note on the price target was released on November 16, 2023, representing the official price target for Advance Auto Parts Inc stock. Previously, the target price had yet another raise to $55, while TD Cowen analysts kept a Market Perform rating on AAP stock. On July 10, 2023, analysts decreased their price target for AAP shares from 130 to 50.
The Average True Range (ATR) for Advance Auto Parts Inc is set at 2.64, with the Price to Sales ratio for AAP stock in the period of the last 12 months amounting to 0.35. The Price to Book ratio for the last quarter was 1.49, with the Price to Cash per share for the same quarter was set at 5.34.
How has AAP stock performed recently?
Advance Auto Parts Inc [AAP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 8.58. With this latest performance, AAP shares dropped by -0.81% in over the last four-week period, additionally plugging by 1.20% over the last 6 months – not to mention a drop of -52.77% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for AAP stock in for the last two-week period is set at 58.42, with the RSI for the last a single of trading hit 62.40, and the three-weeks RSI is set at 56.99 for Advance Auto Parts Inc [AAP]. The present Moving Average for the last 50 days of trading for this stock 63.29, while it was recorded at 62.66 for the last single week of trading, and 65.63 for the last 200 days.
Advance Auto Parts Inc [AAP]: Deeper insight into the fundamentals
Advance Auto Parts Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.27 and a Current Ratio set at 1.23.
Earnings analysis for Advance Auto Parts Inc [AAP]
With the latest financial reports released by the company, Advance Auto Parts Inc posted 2.88/share EPS, while the average EPS was predicted by analysts to be reported at 2.39/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 20.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for AAP.
Insider trade positions for Advance Auto Parts Inc [AAP]
The top three institutional holders of AAP stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in AAP stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in AAP stock with ownership which is approximately 5.8325%.
