Aap stock forecast options market activity hints at

Options market activity hints at bullish AAP stock forecast sentiment, as call-to-put ratio surged to 1.6, reflecting traders positioning for potential upside before Q3 earnings. Shares of Advance Auto Parts AAP have plummeted around 56% over the past six months. In the third quarter of 2023, the auto parts retailer incurred a loss of 82 cents, sharply lagging the Zacks Consensus Estimate. Also, it trimmed the full-year 2023 guidance. But on a somewhat positive note, the company’s new CEO, Shane O’Kelly, has laid out a plan of action to help it return to profitability. All of this led to a 45.83% rally for AAP stock today, marking a huge recovering after tariffs put extreme pressure on the shares this year. However, AAP remains down 2.14% year-to-date. Today’s rally came with heavy trading as some 7.61 million shares changed hands, compared to a three-month daily average of 2.16 million units. Sector outlook influencing AAP stock forecast is positive, as automotive aftermarket demand rose 4.8% year-over-year nationwide, supported by aging vehicle fleets averaging 12.5 years.