Ford Stock (NYSE:F) Jumps After Breaking Up Internal Parts Theft Ring

The news out of legacy automaker Ford (F) almost reads like a crime drama in progress today, as one Ford employee found himself accused of running a years-long theft ring that took with it several million dollars' worth of completed parts. Putting a stop to something like that did absolute wonders for Ford, as shares jumped nearly 4% in Friday afternoon's trading.TipRanks Black Friday Sale Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence. Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off The theft was surprisingly deep and complex, with the employee reportedly, allegedly, managing to walk off with everything from car hoods to car bumpers to entire lighting systems. He ran this theft over the course of two years, and managed to route much of his pilferage to a set of local chop shops. The alleged thief also was not particularly discriminating about his locations, and managed to get parts out of the Dearborn Truck Plant, Flat Rock Assembly, and Michigan Assembly as well. The theft covered parts for Broncos, Mustangs, and F-150s, so virtually all of Ford's biggest sellers were represented. And the thief apparently managed to steal faster than he could move parts, with one "stash house" in Detroit apparently stacked floor-to-ceiling with parts fresh off the line. Called on the Carpet Ford also is about to find itself under government scrutiny, as it, along with elements of General Motors (GM) and Stellantis (STLA) will publicly testify before Congress at a hearing about car prices. This kind of broad-based testimony has not been seen in nearly 20 years, since 2008. It will not just be car prices, of course, but rather the overall outlook for the auto industry, as well as the part it can play in federal transportation policy. But certainly, car prices will likely be part of the picture, especially as prices have been on an upward trend for the last few years now. Word from the relevant committee makes clear how important such testimony is, pointing out that the average new car was $20,356 in 2000, $24,296 in 2010, and then, somehow, over $50,000 currently. Is Ford Stock a Good Buy Right Now? Turning to Wall Street, analysts have a Hold consensus rating on F stock based on two Buys, nine Holds and one Sell assigned in the past three months, as indicated by the graphic below. After an 11% rally in its share price over the past year, the average F price target of $12.46 per share implies 3.04% downside risk.