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.

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