Citi Trends (NASDAQ:CTRN) Shares Up 7.6% – Here’s What Happened

Citi Trends, Inc. (NASDAQ:CTRN)’s stock price rose 7.6% on Tuesday . The stock traded as high as $63.81 and last traded at $63.67. Approximately 86,740 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 126,561 shares. The stock had previously closed at $59.20.

Analyst Ratings Changes

Several brokerages recently issued reports on CTRN. Wall Street Zen raised shares of Citi Trends from a “hold” rating to a “buy” rating in a research note on Monday, June 29th. Weiss Ratings raised shares of Citi Trends from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 29th. Craig Hallum restated a “buy” rating on shares of Citi Trends in a research report on Wednesday, March 18th. Finally, DA Davidson increased their price target on Citi Trends from $68.00 to $73.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.00.

Citi Trends Price Performance

The stock’s fifty day moving average is $50.65 and its 200-day moving average is $47.47. The stock has a market cap of $529.87 million, a PE ratio of 45.76 and a beta of 1.83.

Citi Trends (NASDAQ:CTRN) last issued its earnings results on Tuesday, June 2nd. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.59. Citi Trends had a net margin of 1.42% and a return on equity of 2.09%. The company had revenue of $230.86 million for the quarter, compared to the consensus estimate of $217.42 million. During the same period in the previous year, the firm earned $0.11 earnings per share.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC purchased a new position in Citi Trends in the second quarter worth approximately $318,000. Sei Investments Co. raised its position in Citi Trends by 101.7% in the first quarter. Sei Investments Co. now owns 45,536 shares of the company’s stock valued at $1,973,000 after purchasing an additional 22,964 shares during the period. State of Wyoming acquired a new position in shares of Citi Trends in the 1st quarter valued at $397,000. Meeder Asset Management Inc. lifted its stake in shares of Citi Trends by 40.5% in the 1st quarter. Meeder Asset Management Inc. now owns 2,315 shares of the company’s stock valued at $100,000 after purchasing an additional 667 shares during the last quarter. Finally, Hillsdale Investment Management Inc. grew its holdings in shares of Citi Trends by 73.0% during the 1st quarter. Hillsdale Investment Management Inc. now owns 15,880 shares of the company’s stock worth $688,000 after purchasing an additional 6,700 shares during the period.

About Citi Trends

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.