459,366 Shares in Torrid Holdings Inc. $CURV Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 459,366 Torrid shares during the second quarter, worth approximately $859,000 and representing about 0.46% of the company. Institutional investors collectively own 81.82% of Torrid.
• Torrid shares opened at $2.48, up 9.3%, after the company reported quarterly EPS of $0.05—beating estimates by $0.08—though revenue of $231.73 million came in below expectations.
• Analyst sentiment remains cautious: Torrid has a consensus rating of “Reduce” and an average price target of $1.81, despite Bank of America raising its target to $2.70 and assigning a “Buy” rating.

Bank of America Corp DE bought a new stake in Torrid Holdings Inc. (NYSE:CURV - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 459,366 shares of the company's stock, valued at approximately $859,000. Bank of America Corp DE owned about 0.46% of Torrid as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CURV. Fund 1 Investments LLC lifted its position in Torrid by 1.2% in the 2nd quarter. Fund 1 Investments LLC now owns 9,847,478 shares of the company's stock worth $18,415,000 after buying an additional 119,433 shares during the last quarter. Ieq Capital LLC purchased a new position in shares of Torrid during the second quarter worth approximately $104,000. JB Capital Partners LP bought a new stake in shares of Torrid in the 2nd quarter worth approximately $280,500. BlackRock Inc. bought a new stake in shares of Torrid in the 2nd quarter worth approximately $3,585,000. Finally, Deutsche Bank AG purchased a new stake in shares of Torrid in the 2nd quarter valued at $63,000. Hedge funds and other institutional investors own 81.82% of the company's stock.

Torrid Stock Up 9.3%

NYSE CURV opened at $2.48 on Friday. Torrid Holdings Inc. has a twelve month low of $0.94 and a twelve month high of $2.86. The business has a 50-day moving average price of $2.35 and a 200-day moving average price of $1.99. The firm has a market cap of $247.51 million, a price-to-earnings ratio of -27.58 and a beta of 0.69.

Torrid (NYSE:CURV - Get Free Report) last posted its earnings results on Thursday, September 3rd. The company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of ($0.03) by $0.08. The business had revenue of $231.73 million during the quarter, compared to analysts' expectations of $237.24 million. Research analysts expect that Torrid Holdings Inc. will post -0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Morgan Stanley reissued an "equal weight" rating and issued a $1.80 price target on shares of Torrid in a research note on Monday, July 6th. Bank of America raised their price objective on Torrid from $2.25 to $2.70 and gave the company a "buy" rating in a research note on Friday, September 4th. Wall Street Zen upgraded Torrid from a "sell" rating to a "hold" rating in a report on Saturday, June 13th. BTIG Research reissued a "neutral" rating on shares of Torrid in a research note on Friday, June 5th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Torrid in a report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $1.81.

Torrid Company Profile

Torrid Holdings Inc is a specialty retailer focused on fashion apparel, lingerie and accessories for women who wear sizes 10 to 30. Through its Torrid brand, the company offers dresses, tops, bottoms, activewear, outerwear, intimates, swimwear, footwear and accessories, with an emphasis on fit, style and inclusive sizing.

Founded in 2001, Torrid operates an omnichannel retail model that combines a network of stores with its e-commerce platform. The company serves customers primarily in the United States and Canada, offering products through physical retail locations, its website and other digital shopping channels.

Torrid Holdings became a publicly traded company in 2021.

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