Citi Trends (NASDAQ:CTRN) Trading Down 6% – Here’s Why

Citi Trends, Inc. (NASDAQ:CTRN)’s stock price fell 6% on Thursday . The company traded as low as $68.10 and last traded at $67.61. 7,102 shares traded hands during trading, a decline of 94% from the average session volume of 127,027 shares. The stock had previously closed at $71.93.

Wall Street Analyst Weigh In

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

Citi Trends Price Performance

The company has a market cap of $575.76 million, a price-to-earnings ratio of 49.73 and a beta of 1.82. The firm’s fifty day moving average price is $63.48 and its 200-day moving average price is $51.85.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CTRN. Legal & General Group Plc acquired a new stake in shares of Citi Trends in the second quarter valued at approximately $30,000. Allworth Financial LP acquired a new position in shares of Citi Trends during the second quarter worth approximately $31,000. BNP Paribas Financial Markets boosted its position in shares of Citi Trends by 143.3% during the third quarter. BNP Paribas Financial Markets now owns 1,051 shares of the company’s stock worth $33,000 after buying an additional 619 shares during the period. New York State Common Retirement Fund boosted its position 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 worth $46,000 after buying an additional 700 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new position in Citi Trends in the 4th 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.