Atlantic Equities downgrades Advance Auto Parts Inc. (AAP) stock to an Underweight


Advance Auto Parts Inc.’s recently made public that its Director Pertz Douglas A acquired Company’s shares for reported $0.3 million on Jun 12. In the deal valued at $66.02 per share,4,575 shares were bought. As a result of this transaction, Pertz Douglas A now holds 12,831 shares worth roughly $ 0.87 million.

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Then, Pertz Douglas A bought 1,570 shares, generating $100,088 in total proceeds. Upon buying the shares at $63.75, the Director now owns 8,256 shares.

Before that, Hilson Joan M bought 388 shares. Advance Auto Parts Inc. shares valued at $24,933 were divested by the Director at a price of $64.26 per share. As a result of the transaction, Hilson Joan M now holds 388 shares, worth roughly $26248.2.

Atlantic Equities downgraded its Advance Auto Parts Inc. [AAP] rating to an Underweight from a a Neutral in a research note published on Friday, July 10, 2023; the price target was decreased to $50 from $130. PT values the company’s stock at a premium of -35.3 to its Friday closing price.

Price Performance Review of AAP

On Friday, Advance Auto Parts Inc. [NYSE:AAP] saw its stock fall -1.70% to $67.65. On the same session, the stock had its day’s lowest price of $67.22, but rose to a high of $69.38. Over the last five days, the stock has gained 5.57%. Advance Auto Parts Inc. shares have fallen nearly -53.99% since the year began. Nevertheless, the stocks have fallen -59.88% over the past one year. While a 52-week high of $194.35 was reached on 02/02/23, a 52-week low of $63.09 was recorded on 08/25/23. SMA at 50 days reached $69.95, while 200 days put it at $114.37. A total of 1.97 million shares were traded, compared to the trading of 5.76 million shares in the previous session.

Levels Of Support And Resistance For AAP Stock

The 24-hour chart illustrates a support level at 66.79, which if violated will result in even more drops to 65.92. On the upside, there is a resistance level at 68.95. A further resistance level may holdings at 70.24. The Relative Strength Index (RSI) on the 14-day chart is 44.78, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.12, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 45.71%. Stochastics %K at 57.19% indicates the stock is a holding.

How much short interest is there in Advance Auto Parts Inc.?

A steep rise in short interest was recorded in Advance Auto Parts Inc. stocks on Aug 14, 2023, growing by 0.73 million shares to a total of 5.03 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 4.3 million shares. There was a rise of 14.51%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 9.79% of the overall stock float, the days-to-cover ratio (short ratio) rose to 2.63.

Advance Auto Parts Inc. [AAP] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 7,353,014 shares, or roughly 12.37% of the outstanding AAP shares. In other words, the investor’s shares have fallen by -263,135 from its previous 13-F filing of 7616149.0. Additionally, SSgA Funds Management, Inc. decreased -15.10% of its stake after which the total value it holdings stand at $216,735,563, while BlackRock Fund Advisors added 2.29% of its stake to hold $212.2 million in the firm. Over the last quarter, T. Rowe Price Associates, Inc. purchased 1,970,674 shares of Advance Auto Parts Inc., while D. E. Shaw & Co. LP bought 1,627,993 shares. At present, Champlain Investment Partners LLC is holding 1,556,838 shares valued at $115.81 million. Invesco Capital Management LLC owned 1,432,861 shares of the company at the time of its most recent 13F filing, worth $106.59 million.

According to FactSet, Advance Auto Parts Inc.’s share price will average $72.00 in the next year, based on opinions of analysts polled by the firm. This is up nearly 7.53 percent from its previous closing price of $68.82. Analysts expect Advance Auto Parts Inc. stock to reach the higher price of $84.00, while the lowest price estimate is $50.00. However, 26 analysts have rated AAP stock as a Hold in their predictions for 2023.


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