Torrid (NYSE:CURV) Shares Up 1.9% – Here’s Why

Torrid Holdings Inc. (NYSE:CURV) rose 1.9% during trading on Monday. The stock traded as high as $2.47 and last traded at $2.3950. Approximately 147,513 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 479,281 shares. The stock had previously closed at $2.35.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Zacks Research downgraded Torrid from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. BTIG Research restated a “neutral” rating on shares of Torrid in a research note on Friday, June 5th. Morgan Stanley reaffirmed an “equal weight” rating and set a $1.80 price target on shares of Torrid in a report on Monday, July 6th. Bank of America upped their price target on shares of Torrid from $2.25 to $2.70 and gave the stock a “buy” rating in a research report on Friday, September 4th. Finally, Wall Street Zen raised shares of Torrid from a “sell” rating to a “hold” rating in a research note on Saturday, June 13th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $1.81.

Torrid Stock Performance

The stock has a fifty day moving average of $2.35 and a 200 day moving average of $1.96. The company has a market capitalization of $238.83 million, a PE ratio of -26.61 and a beta of 0.84.

Torrid (NYSE:CURV) last posted its quarterly earnings results on Thursday, September 3rd. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.08. The business had revenue of $231.73 million during the quarter, compared to the consensus estimate of $237.24 million. As a group, equities analysts predict that Torrid Holdings Inc. will post -0.04 EPS for the current year.

Hedge Funds Weigh In On Torrid

Several institutional investors have recently bought and sold shares of the stock. Fund 1 Investments LLC increased its holdings in Torrid by 1.2% in the 2nd quarter. Fund 1 Investments LLC now owns 9,847,478 shares of the company’s stock valued at $18,415,000 after acquiring an additional 119,433 shares during the last quarter. BlackRock Inc. purchased a new stake in Torrid in the 2nd quarter worth $3,585,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Torrid during the 1st quarter valued at about $3,560,000. SG Americas Securities LLC bought a new position in shares of Torrid during the 1st quarter valued at about $3,387,000. Finally, Bank of America Corp DE grew its position in shares of Torrid by 2.3% during the first quarter. Bank of America Corp DE now owns 631,261 shares of the company’s stock valued at $1,124,000 after purchasing an additional 14,420 shares in the last quarter. 81.82% of the stock is owned by hedge funds and other institutional investors.

Torrid Company Profile

Torrid Holdings Inc is a specialty retailer focused on fashion apparel, lingerie and accessories for women who wear sizes 10 to 30. Through its Torrid brand, the company offers dresses, tops, bottoms, activewear, outerwear, intimates, swimwear, footwear and accessories, with an emphasis on fit, style and inclusive sizing.

Founded in 2001, Torrid operates an omnichannel retail model that combines a network of stores with its e-commerce platform. The company serves customers primarily in the United States and Canada, offering products through physical retail locations, its website and other digital shopping channels.

Torrid Holdings became a publicly traded company in 2021.