Culp (NYSE:CULP) Stock Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Culp, Inc. stock has risen above its 200-day moving average, trading at $4.35, compared to its average of $4.30, indicating positive momentum.
• The company reported a net loss of ($0.02) earnings per share, outperforming expectations of ($0.12), but revenue fell short at $50.69 million versus the forecast of $57.50 million.
• CEO Robert George Iv Culp increased his ownership by purchasing 12,000 shares, highlighting confidence in the company's future, while institutional investors hold 75.05% of the stock.

Culp, Inc. (NYSE:CULP - Get Free Report) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $4.30 and traded as high as $4.49. Culp shares last traded at $4.35, with a volume of 33,584 shares traded.

Culp Price Performance

The company has a debt-to-equity ratio of 0.12, a current ratio of 1.86 and a quick ratio of 0.81. The company has a 50-day simple moving average of $4.33 and a two-hundred day simple moving average of $4.30. The stock has a market capitalization of $54.86 million, a price-to-earnings ratio of -4.49 and a beta of 1.04.

Culp (NYSE:CULP - Get Free Report) last issued its earnings results on Wednesday, September 10th. The textile maker reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.10. Culp had a negative return on equity of 11.68% and a negative net margin of 5.82%.The firm had revenue of $50.69 million for the quarter, compared to analyst estimates of $57.50 million. During the same period last year, the company earned ($0.36) earnings per share.

Insider Activity at Culp

In other Culp news, CEO Robert George Iv Culp purchased 12,000 shares of the stock in a transaction dated Tuesday, July 1st. The shares were bought at an average cost of $4.15 per share, with a total value of $49,800.00. Following the completion of the acquisition, the chief executive officer owned 104,030 shares of the company's stock, valued at approximately $431,724.50. This trade represents a 13.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired 27,147 shares of company stock worth $116,092 over the last quarter. 7.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CULP. Wealthedge Investment Advisors LLC acquired a new position in shares of Culp during the fourth quarter valued at $137,000. Citadel Advisors LLC increased its holdings in shares of Culp by 36.8% during the fourth quarter. Citadel Advisors LLC now owns 27,441 shares of the textile maker's stock valued at $161,000 after purchasing an additional 7,386 shares during the period. Northern Trust Corp increased its holdings in shares of Culp by 35.2% during the fourth quarter. Northern Trust Corp now owns 56,182 shares of the textile maker's stock valued at $330,000 after purchasing an additional 14,634 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Culp by 10.0% during the second quarter. Ameriprise Financial Inc. now owns 694,888 shares of the textile maker's stock valued at $2,731,000 after purchasing an additional 62,932 shares during the period. Finally, 22NW LP boosted its stake in Culp by 14.4% during the first quarter. 22NW LP now owns 1,859,061 shares of the textile maker's stock valued at $9,295,000 after buying an additional 234,346 shares in the last quarter. 75.05% of the stock is owned by institutional investors and hedge funds.

Culp Company Profile

Culp, Inc manufactures, sources, markets, and sells mattress fabrics, sewn covers, and cut and sewn kits for use in mattresses, foundations, and other bedding products in the United States, North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics.

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