Published on 27 Oct 2021 on Insider Monkey via Yahoo Finance

Hedge Funds Are Coming Back To CarParts.com, Inc. (PRTS)

After several tireless days we have finished crunching the numbers from nearly 900 13F filings issued by the elite hedge funds and other investment firms that we track at Insider Monkey, which disclosed those firms' equity portfolios as of June 30th. The results of that effort will be put on display in this article, as we share valuable insight into the smart money sentiment towards CarParts.com, Inc. (NASDAQ:PRTS).

CarParts.com, Inc. (NASDAQ:PRTS) was in 22 hedge funds' portfolios at the end of June. The all time high for this statistic is 22. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. PRTS investors should pay attention to an increase in activity from the world's largest hedge funds lately. There were 18 hedge funds in our database with PRTS holdings at the end of March. Our calculations also showed that PRTS isn't among the 30 most popular stocks among hedge funds (click for Q2 rankings).

In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's monthly stock picks returned 185.4% since March 2017 and outperformed the S&P 500 ETFs by more than 79 percentage points (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.