Citi Trends (NASDAQ:CTRN) Reaches New 1-Year High - Should You Buy?

Key Points

• Citi Trends shares hit a new 52-week high, trading as high as $66.47 and closing near $66.30, up about 1.1% on the day.
• Recent analyst action has been positive, including a DA Davidson price target increase to $73 and a Wall Street Zen upgrade to Buy. The stock now carries a Moderate Buy consensus with an average target price of $73.00.
• The company’s latest quarterly results beat expectations, with EPS of $0.91 versus $0.32 expected and revenue of $230.86 million above estimates. Citi Trends also operates more than 500 off-price retail stores focused on value-priced apparel and accessories.

Shares of Citi Trends, Inc. (NASDAQ:CTRN - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $66.47 and last traded at $66.30, with a volume of 76652 shares changing hands. The stock had previously closed at $65.65.

Analyst Ratings Changes

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

Citi Trends Stock Up 1.1%

The company has a market cap of $553.10 million, a PE ratio of 47.97 and a beta of 1.83. The stock has a 50-day simple moving average of $51.78 and a 200 day simple moving average of $47.97.

Citi Trends (NASDAQ:CTRN - Get Free Report) last announced its quarterly earnings results on Tuesday, June 2nd. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.32 by $0.59. The business had revenue of $230.86 million for the quarter, compared to analyst estimates 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 in the prior year, the company posted $0.11 EPS.

Institutional Investors Weigh In On Citi Trends

A number of institutional investors have recently made changes to their positions in CTRN. Bank of America Corp DE raised its position in Citi Trends by 5.8% in the 2nd quarter. Bank of America Corp DE now owns 6,221 shares of the company's stock valued at $208,000 after purchasing an additional 342 shares in the last quarter. State of Wyoming increased its stake in shares of Citi Trends by 7.0% during the second quarter. State of Wyoming now owns 7,160 shares of the company's stock worth $239,000 after buying an additional 469 shares during the period. Strs Ohio raised its holdings in Citi Trends by 7.1% in the first quarter. Strs Ohio now owns 7,500 shares of the company's stock valued at $325,000 after acquiring an additional 500 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Citi Trends by 4.5% in the fourth quarter. Hsbc Holdings PLC now owns 13,589 shares of the company's stock worth $559,000 after acquiring an additional 586 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in Citi Trends by 143.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,051 shares of the company's stock worth $33,000 after acquiring an additional 619 shares in the last quarter.

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.

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