Ieq Capital LLC Makes New $974,000 Investment in Citi Trends, Inc. $CTRN

Key Points

• Ieq Capital LLC acquired a new 16,834-share stake in Citi Trends valued at approximately $974,000, representing 0.20% of the company. Several other institutional investors also increased their holdings or initiated new positions.
• Citi Trends reported quarterly earnings of $0.05 per share, beating the consensus estimate of a $0.32 loss, while revenue of $211.63 million was essentially in line with expectations.
• CTRN shares opened at $68.67, up significantly from their 200-day average of $52.95. Analysts maintain a “Moderate Buy” consensus with an average price target of $81.00.

Ieq Capital LLC bought a new stake in shares of Citi Trends, Inc. (NASDAQ:CTRN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 16,834 shares of the company's stock, valued at approximately $974,000. Ieq Capital LLC owned 0.20% of Citi Trends as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of the business. Dynamic Technology Lab Private Ltd bought a new position in shares of Citi Trends during the first quarter valued at approximately $204,000. Arrowstreet Capital Limited Partnership raised its stake in Citi Trends by 17.1% in the second quarter. Arrowstreet Capital Limited Partnership now owns 64,248 shares of the company's stock worth $2,145,000 after buying an additional 9,380 shares in the last quarter. Invesco Ltd. lifted its holdings in Citi Trends by 243.3% during the second quarter. Invesco Ltd. now owns 103,965 shares of the company's stock worth $3,471,000 after buying an additional 73,678 shares during the period. Marshall Wace LLP boosted its position in Citi Trends by 269.2% during the 2nd quarter. Marshall Wace LLP now owns 160,084 shares of the company's stock valued at $5,345,000 after acquiring an additional 116,722 shares in the last quarter. Finally, Jump Financial LLC bought a new stake in Citi Trends during the 2nd quarter valued at $594,000.

Citi Trends Stock Down 0.6%

Shares of CTRN opened at $68.67 on Friday. The company has a 50 day moving average of $65.42 and a two-hundred day moving average of $52.95. Citi Trends, Inc. has a twelve month low of $29.60 and a twelve month high of $77.91. The company has a market cap of $572.02 million, a price-to-earnings ratio of 83.74 and a beta of 1.82.

Citi Trends (NASDAQ:CTRN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 25th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.32) by $0.37. Citi Trends had a return on equity of 8.25% and a net margin of 0.84%.The business had revenue of $211.63 million for the quarter, compared to the consensus estimate of $211.60 million.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CTRN. Wall Street Zen raised Citi Trends from a "hold" rating to a "buy" rating in a research report on Monday, June 29th. DA Davidson set a $81.00 target price on Citi Trends in a research note on Wednesday. Finally, Weiss Ratings upgraded shares of Citi Trends from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 29th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Citi Trends currently has an average rating of "Moderate Buy" and a consensus target price of $81.00.

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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