Citi Trends (NASDAQ:CTRN) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Citi Trends from “buy” to “hold.” Despite the downgrade, analysts’ consensus remains “Moderate Buy,” with an average price target of $81.
• Citi Trends reported quarterly EPS of $0.05, beating the consensus estimate of a $0.32 loss, while revenue of $211.63 million was essentially in line with expectations.
• The stock opened at $60.62, below its 50-day moving average of $67.37 but above its 200-day average of $54.58; meanwhile, EVP Lisa Powell sold 10,000 shares worth $701,000.

Citi Trends (NASDAQ:CTRN - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other equities research analysts have also issued reports on the stock. DA Davidson set a $81.00 target price on shares of Citi Trends in a report on Wednesday, August 26th. Weiss Ratings cut shares of Citi Trends from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $81.00.

Citi Trends Price Performance

NASDAQ CTRN opened at $60.62 on Friday. The company has a market cap of $505.57 million, a PE ratio of 73.93 and a beta of 1.82. The stock's 50 day simple moving average is $67.37 and its 200-day simple moving average is $54.58. Citi Trends has a 1-year low of $29.60 and a 1-year high of $77.91.

Citi Trends (NASDAQ:CTRN - Get Free Report) last issued 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 return on equity of 8.11% and a net margin of 0.84%.The firm had revenue of $211.63 million for the quarter, compared to analyst estimates of $211.60 million.

Insiders Place Their Bets

In other Citi Trends 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 transaction of $701,000.00. Following the transaction, the executive vice president owned 13,970 shares of the company's stock, valued at approximately $979,297. The trade was a 41.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 9.60% of the company's stock.

Institutional Trading of Citi Trends

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Citi Trends during the 2nd quarter worth approximately $29,400,000. Broad Bay Capital Management LP acquired a new position in Citi Trends in the fourth quarter valued at approximately $6,650,000. AWM Investment Company Inc. acquired a new position in Citi Trends in the second quarter valued at approximately $7,758,000. AQR Capital Management LLC grew its position in Citi Trends by 239.6% in the fourth quarter. AQR Capital Management LLC now owns 182,133 shares of the company's stock worth $7,569,000 after acquiring an additional 128,508 shares during the period. Finally, Panoramic Capital LLC purchased a new position in Citi Trends in the second quarter worth approximately $7,085,000.

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.

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