Citi Trends (NASDAQ:CTRN) Shares Gap Down – Should You Sell?

Citi Trends, Inc. (NASDAQ:CTRN) shares gapped down prior to trading on Friday . The stock had previously closed at $63.96, but opened at $61.39. Citi Trends shares last traded at $62.52, with a volume of 23,242 shares.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CTRN shares. Wall Street Zen upgraded Citi Trends from a “hold” rating to a “buy” rating in a report on Monday, June 29th. DA Davidson set a $81.00 price target on Citi Trends in a research note on Wednesday, August 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Citi Trends in a research report on Wednesday, August 26th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $81.00.

Citi Trends Trading Down 5.3%

The business’s 50 day moving average price is $67.26 and its two-hundred day moving average price is $54.54. The stock has a market cap of $504.68 million, a P/E ratio of 74.12 and a beta of 1.82.

Citi Trends (NASDAQ:CTRN) last released its quarterly earnings results on Tuesday, August 25th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.37. Citi Trends had a net margin of 0.84% and a return on equity of 8.25%. The company had revenue of $211.63 million during the quarter, compared to the consensus estimate of $211.60 million.

Insider Buying and Selling at Citi Trends

In other Citi Trends news, EVP Lisa Powell sold 10,000 shares of the stock in a transaction on Friday, September 4th. The stock was sold at an average price of $70.10, for a total value of $701,000.00. Following the completion of the transaction, the executive vice president owned 13,970 shares in the company, valued at approximately $979,297. This represents a 41.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Citi Trends

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc purchased a new stake in shares of Citi Trends in the 2nd quarter worth about $30,000. Allworth Financial LP bought a new stake in Citi Trends during the second quarter worth about $31,000. BNP Paribas Financial Markets grew its holdings in Citi Trends by 143.3% in the third quarter. BNP Paribas Financial Markets now owns 1,051 shares of the company’s stock worth $33,000 after purchasing an additional 619 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in Citi Trends in the second quarter worth about $62,000. Finally, New York State Common Retirement Fund increased its stake in shares of Citi Trends by 175.0% during the fourth quarter. New York State Common Retirement Fund now owns 1,100 shares of the company’s stock valued at $46,000 after purchasing an additional 700 shares in the last quarter.

Citi Trends Company Profile

Citi Trends, Inc (NASDAQ: CTRN) is an off-price retail apparel chain that focuses on value-priced urban fashion apparel and accessories for men, women, and children. Headquartered in Savannah, Georgia, the company offers a broad assortment of merchandise, including denim, sportswear, activewear, and seasonal styles, complemented by footwear, jewelry, cosmetics, and home goods. Through its purchasing model, Citi Trends sources closeouts, overstocks and canceled orders from name-brand vendors, enabling it to offer trending styles at competitive price points.

The company operates more than 500 stores across the Southeastern and Mid-Atlantic regions of the United States, with typical store footprints of approximately 11,000 square feet.