Citi Trends (NASDAQ:CTRN) Shares Gap Down – Here’s What Happened

Citi Trends, Inc. (NASDAQ:CTRN)’s share price 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 traded.

Analysts Set New Price Targets

CTRN has been the subject of a number of recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Citi Trends in a research note on Wednesday, August 26th. DA Davidson set a $81.00 target price on Citi Trends in a research note on Wednesday, August 26th. Finally, Wall Street Zen upgraded Citi Trends from a “hold” rating to a “buy” rating in a report on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.00.

Citi Trends Stock Down 5.3%

The stock has a market cap of $504.68 million, a PE ratio of 74.12 and a beta of 1.82. The stock’s fifty day moving average price is $67.26 and its 200 day moving average price is $54.54.

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

Insider Buying and Selling at Citi Trends

In other news, EVP Lisa Powell sold 10,000 shares of the business’s 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 $979,297. The trade was a 41.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Citi Trends

Several large investors have recently bought and sold shares of CTRN. Legal & General Group Plc purchased a new position in Citi Trends in the 2nd quarter worth about $30,000. Allworth Financial LP purchased a new stake in shares of Citi Trends during the 2nd quarter valued at about $31,000. BNP Paribas Financial Markets boosted its holdings in shares of Citi Trends by 143.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,051 shares of the company’s stock valued at $33,000 after acquiring an additional 619 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Citi Trends by 175.0% in the fourth quarter. New York State Common Retirement Fund now owns 1,100 shares of the company’s stock worth $46,000 after acquiring an additional 700 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Citi Trends in the fourth quarter worth approximately $51,000.

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.