Exchange Traded Concepts LLC Lowers Position in Citi Trends, Inc. $CTRN

Key Points

• Exchange Traded Concepts LLC reduced its position in Citi Trends, Inc. by 26.4% during the second quarter, now holding approximately 71,466 shares valued at $2,386,000.
• Citi Trends reported a loss of $0.82 EPS for the quarter, beating analysts' expectations, with revenue of $190.75 million.
• Research analysts have recently upgraded Citi Trends' rating, with DA Davidson raising the target price from $40.00 to $43.00 and the stock currently holding an average rating of "Buy."

Exchange Traded Concepts LLC decreased its holdings in shares of Citi Trends, Inc. (NASDAQ:CTRN - Free Report) by 26.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 71,466 shares of the company's stock after selling 25,632 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.86% of Citi Trends worth $2,386,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC bought a new position in shares of Citi Trends during the 1st quarter valued at $63,000. State of Wyoming bought a new stake in Citi Trends during the first quarter worth $148,000. Bank of America Corp DE grew its stake in Citi Trends by 29.5% during the fourth quarter. Bank of America Corp DE now owns 8,801 shares of the company's stock worth $231,000 after buying an additional 2,003 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Citi Trends during the 4th quarter valued at $235,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Citi Trends during the 1st quarter worth $204,000.

Citi Trends Price Performance

NASDAQ:CTRN traded down $1.56 on Friday, reaching $32.39. The stock had a trading volume of 200,433 shares, compared to its average volume of 124,610. The company has a market cap of $269.16 million, a price-to-earnings ratio of -16.20 and a beta of 2.07. Citi Trends, Inc. has a 12-month low of $16.18 and a 12-month high of $39.37. The firm's fifty day moving average is $32.66 and its two-hundred day moving average is $27.82.

Citi Trends (NASDAQ:CTRN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 26th. The company reported ($0.82) EPS for the quarter, beating analysts' consensus estimates of ($1.01) by $0.19. Citi Trends had a negative return on equity of 21.25% and a negative net margin of 2.13%.The company had revenue of $190.75 million for the quarter, compared to analyst estimates of $188.20 million.

Insiders Place Their Bets

In related news, Director Margaret L. Jenkins sold 1,000 shares of the business's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $36.21, for a total transaction of $36,210.00. Following the sale, the director owned 16,163 shares in the company, valued at $585,262.23. The trade was a 5.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CTRN shares. DA Davidson increased their price objective on Citi Trends from $40.00 to $43.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. Wall Street Zen upgraded Citi Trends from a "hold" rating to a "buy" rating in a research report on Saturday, September 13th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $39.50.

About Citi Trends

Citi Trends, Inc operates as a value retailer of fashion apparel, accessories, and home goods. The company offers apparel, such as fashion sportswear and footwear for men and ladies, as well as apparel for kids, including newborns, infants, toddlers, boys, and girls; sleepwear, lingerie, and scrubs for ladies; and kids uniforms and accessories.