Why Advance Auto Parts, Inc. (AAP) Went Down On Thursday

We recently published a list of Traders Ditched These 10 Stocks. Here’s Why. In this article, we are going to take a look at where Advance Auto Parts, Inc. (NYSE:AAP) stands against other worst-performing stocks.

Advance Auto Parts dropped its share prices by 8.25 percent on Thursday to close at $48.36 each as investors resorted to profit-taking following the previous day’s surge, buoyed by an investment firm’s higher price target.

On Wednesday, Roth Capital gave Advance Auto Parts, Inc. (NYSE:AAP) a price target of $50, higher than the $40 previously, following the company’s first quarter earnings results. Despite the adjustment, the company maintained a Neutral stand on the stock.

A manufacturing facility floor filled with an array of automotive parts and accessories.

In the first quarter of the year, Advance Auto Parts, Inc. (NYSE:AAP) said net income from continuing operations rose by 41 percent to $24 million from $17 million in the same period last year.

Net sales, on the other hand, declined by 6.8 percent to $2.583 billion from $2.772 billion year-on-year.

For the full year, Advance Auto Parts, Inc. (NYSE:AAP) expects net sales from continuing operations to settle between $8.4 billion and $8.6 billion, with same-store sales growth between 0.5 percent and 1.5 percent.

Overall, AAP ranks 6th on our list of worst-performing stocks. While we acknowledge the potential of AAP, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AAP and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.