Citi Trends (NASDAQ:CTRN) Hits New 52-Week High - Still a Buy?

Key Points

• Citi Trends shares reached a new 52-week high of $67.89, up from a previous close of $65.24, with the stock last trading near $67.62.
• Analysts are broadly positive: Citi Trends has a consensus “Moderate Buy” rating and an average price target of $73, following upgrades and a higher $73 target from DA Davidson.
• The company significantly exceeded quarterly expectations, reporting $0.91 in earnings per share versus a $0.32 estimate and revenue of $230.86 million versus $217.42 million expected.

Shares of Citi Trends, Inc. (NASDAQ:CTRN - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $67.89 and last traded at $67.6150, with a volume of 129321 shares. The stock had previously closed at $65.24.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CTRN shares. Wall Street Zen upgraded shares of Citi Trends from a "hold" rating to a "buy" rating in a research note on Monday, June 29th. DA Davidson increased their price objective on shares of Citi Trends from $68.00 to $73.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. Finally, Weiss Ratings raised shares of Citi Trends from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 29th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Citi Trends has a consensus rating of "Moderate Buy" and an average price target of $73.00.

Citi Trends Stock Performance

The company has a market capitalization of $557.66 million, a P/E ratio of 48.61 and a beta of 1.83. The firm has a 50 day moving average price of $54.00 and a two-hundred day moving average price of $48.71.

Citi Trends (NASDAQ:CTRN - Get Free Report) last posted its 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. The business had revenue of $230.86 million during the quarter, compared to the consensus estimate of $217.42 million. Citi Trends had a return on equity of 2.09% and a net margin of 1.42%.During the same quarter last year, the company earned $0.11 EPS.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its holdings in shares of Citi Trends by 143.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,051 shares of the company's stock worth $33,000 after purchasing an additional 619 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in Citi Trends by 175.0% during the 4th quarter. New York State Common Retirement Fund now owns 1,100 shares of the company's stock valued at $46,000 after purchasing an additional 700 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in Citi Trends during the 4th quarter valued at about $51,000. Meeder Asset Management Inc. boosted its position in Citi Trends by 277.1% in the fourth quarter. Meeder Asset Management Inc. now owns 1,648 shares of the company's stock valued at $68,000 after buying an additional 1,211 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in Citi Trends by 46.2% in the fourth quarter. Wells Fargo & Company MN now owns 5,356 shares of the company's stock valued at $223,000 after buying an additional 1,693 shares in the last quarter.

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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