Citi Trends (NASDAQ:CTRN) Stock Price Down 6% - Here's Why

Key Points

• Citi Trends shares fell 6% to $67.61 in mid-day trading, with only 7,102 shares changing hands—94% below the average daily volume.
• Analyst sentiment remains favorable: two analysts rate the stock a Buy and one rates it Hold, producing a consensus “Moderate Buy” rating and a $73 price target.
• The company reported stronger-than-expected quarterly results, earning $0.91 per share versus the $0.32 estimate and generating $230.86 million in revenue compared with the $217.42 million forecast.

Citi Trends, Inc. (NASDAQ:CTRN - Get Free Report) was down 6% during mid-day trading on Thursday . The company traded as low as $68.10 and last traded at $67.61. 7,102 shares changed hands during trading, a decline of 94% from the average daily volume of 127,027 shares. The stock had previously closed at $71.93.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Wall Street Zen raised Citi Trends from a "hold" rating to a "buy" rating in a report on Monday, June 29th. DA Davidson lifted their price objective on Citi Trends from $68.00 to $73.00 and gave the stock 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 given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Citi Trends Stock Performance

The company's fifty day simple moving average is $63.48 and its two-hundred day simple moving average is $51.85. The company has a market capitalization of $575.76 million, a price-to-earnings ratio of 49.73 and a beta of 1.82.

Citi Trends (NASDAQ:CTRN - Get Free Report) last issued its earnings results on Tuesday, June 2nd. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 1.42% and a return on equity of 2.09%. During the same quarter in the prior year, the business posted $0.11 EPS.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Legal & General Group Plc acquired a new position in shares of Citi Trends in the 2nd quarter worth approximately $30,000. Allworth Financial LP acquired a new stake in shares of Citi Trends during the 2nd quarter valued at approximately $31,000. BNP Paribas Financial Markets lifted its stake in Citi Trends by 143.3% during the third 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 stake in Citi Trends by 175.0% during the fourth quarter. New York State Common Retirement Fund now owns 1,100 shares of the company's stock worth $46,000 after purchasing an additional 700 shares during the last quarter. Finally, Kemnay Advisory Services Inc. acquired a new position in Citi Trends in the fourth quarter worth $51,000.

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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