Citi Trends (NASDAQ:CTRN) Sets New 52-Week High - Here's Why

Key Points

• Citi Trends reached a new 52-week high of $73.99, with the stock last trading near $73.87 and up from its prior close of $72.69.
• Analyst sentiment is generally positive: Wall Street Zen upgraded the stock to “buy,” DA Davidson raised its price target to $73, and the consensus rating is “Moderate Buy” with a $73 target.
• The company exceeded quarterly expectations, reporting $0.91 in earnings per share versus the $0.32 consensus estimate and revenue of $230.86 million compared with expectations of $217.42 million.

Citi Trends, Inc. (NASDAQ:CTRN - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $73.99 and last traded at $73.8690, with a volume of 645 shares. The stock had previously closed at $72.69.

Analysts Set New Price Targets

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

Citi Trends Stock Performance

The firm has a market cap of $637.37 million, a price-to-earnings ratio of 55.59 and a beta of 1.82. The firm's 50 day moving average is $58.89 and its 200-day moving average is $50.15.

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. Citi Trends had a net margin of 1.42% and a return on equity of 2.09%. The firm had revenue of $230.86 million for the quarter, compared to the consensus estimate of $217.42 million. During the same period in the prior year, the business posted $0.11 earnings per share.

Institutional Investors Weigh In On Citi Trends

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased 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 worth $208,000 after buying an additional 342 shares during the period. State of Wyoming lifted its holdings 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 last quarter. Strs Ohio boosted its position in shares of 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 during the period. Hsbc Holdings PLC boosted its position in shares of Citi Trends by 4.5% in the fourth quarter. Hsbc Holdings PLC now owns 13,589 shares of the company's stock valued at $559,000 after acquiring an additional 586 shares during the period. Finally, BNP Paribas Financial Markets grew its stake in shares of Citi Trends by 143.3% in the third quarter. BNP Paribas Financial Markets now owns 1,051 shares of the company's stock worth $33,000 after acquiring an additional 619 shares during 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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