Citi Trends (NASDAQ:CTRN) Rating Increased to Buy at Wall Street Zen

Key Points

• Citi Trends has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, reflecting increased investor confidence.
• The company's stock price target was raised by DA Davidson from $40.00 to $43.00, with an average price target of $39.50 among analysts.
• Despite reporting a quarterly loss of ($0.82) per share, Citi Trends exceeded analyst expectations and recorded revenue of $190.75 million for the quarter.

Wall Street Zen upgraded shares of Citi Trends (NASDAQ:CTRN - Free Report) from a hold rating to a buy rating in a report published on Saturday.

Separately, DA Davidson increased their price objective on Citi Trends from $40.00 to $43.00 and gave the stock a "buy" rating in a research note on Wednesday, August 27th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Citi Trends has a consensus rating of "Buy" and an average price target of $39.50.

Citi Trends Trading Up 2.9%

CTRN stock traded up $0.96 during trading on Friday, reaching $33.95. 107,878 shares of the stock were exchanged, compared to its average volume of 113,673. The firm's 50 day moving average is $32.61 and its 200 day moving average is $27.72. Citi Trends has a twelve month low of $16.18 and a twelve month high of $39.37. The firm has a market cap of $282.12 million, a P/E ratio of -16.98 and a beta of 2.07.

Citi Trends (NASDAQ:CTRN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 26th. The company reported ($0.82) EPS for the quarter, topping the consensus estimate of ($1.01) by $0.19. The firm had revenue of $190.75 million during the quarter, compared to the consensus estimate of $188.20 million. Citi Trends had a negative return on equity of 21.25% and a negative net margin of 2.13%.

Insider Activity at Citi Trends

In other news, Director Margaret L. Jenkins sold 1,000 shares of the firm's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $36.21, for a total value of $36,210.00. Following the completion of the transaction, the director directly owned 16,163 shares of the company's stock, valued at $585,262.23. This trade represents a 5.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Citi Trends

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Nuveen LLC purchased a new stake in Citi Trends during the first quarter valued at about $121,992,000. Marshall Wace LLP boosted its position in Citi Trends by 269.2% during the 2nd quarter. Marshall Wace LLP now owns 160,084 shares of the company's stock valued at $5,345,000 after acquiring an additional 116,722 shares in the last quarter. Invesco Ltd. boosted its position in shares of Citi Trends by 243.3% in the 2nd quarter. Invesco Ltd. now owns 103,965 shares of the company's stock worth $3,471,000 after purchasing an additional 73,678 shares in the last quarter. Royce & Associates LP raised its holdings in Citi Trends by 34.8% in the 1st quarter. Royce & Associates LP now owns 248,356 shares of the company's stock worth $5,497,000 after acquiring an additional 64,178 shares during the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in Citi Trends in the 2nd quarter worth approximately $1,474,000.

About Citi Trends

Citi Trends, Inc operates as a value retailer of fashion apparel, accessories, and home goods. The company offers apparel, such as fashion sportswear and footwear for men and ladies, as well as apparel for kids, including newborns, infants, toddlers, boys, and girls; sleepwear, lingerie, and scrubs for ladies; and kids uniforms and accessories.