Motorcar Parts of America Trading Up 14.9% Following Earnings Beat (MPAA)
Shares of Motorcar Parts of America (NASDAQ:MPAA) was up 14.9% on Monday after the company announced better than expected quarterly earnings, Analyst Ratings News reports. The stock traded as high as $24.89 and last traded at $24.70, with a volume of 823,209 shares trading hands. The stock had previously closed at $21.49.
The company reported $0.39 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.26 by $0.13. The company had revenue of $65.60 million for the quarter, compared to the consensus estimate of $62.70 million. The company’s quarterly revenue was up 29.4% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at Ladenburg Thalmann raised their price target on shares of Motorcar Parts of America from $66.00 to $69.00 in a research note on Monday. They now have a “buy” rating on the stock. Separately, analysts at Thomson Reuters/Verus upgraded shares of Motorcar Parts of America from a “hold” rating to a “buy” rating in a research note on Monday, January 27th. Finally, analysts at Thomson Reuters/Verus downgraded shares of Motorcar Parts of America from a “buy” rating to a “hold” rating in a research note on Monday, December 16th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $32.83.
The stock’s 50-day moving average is $19.63 and its 200-day moving average is $14.39. The company has a market cap of $357.8 million and a P/E ratio of 10.21.
Motorcar Parts of America, Inc (NASDAQ:MPAA) remanufactures alternators and starters for import and domestic cars, light trucks, heavy duty, agricultural and industrial applications.
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