Citi Trends (NASDAQ:CTRN) Earns “Buy” Rating from DA Davidson

Citi Trends (NASDAQ:CTRN)‘s stock had its “buy” rating reaffirmed by investment analysts at DA Davidson in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $68.00 price objective on the stock. DA Davidson’s price target points to a potential upside of 31.39% from the stock’s current price.

A number of other analysts have also issued reports on CTRN. Craig Hallum restated a “buy” rating on shares of Citi Trends in a report on Wednesday, March 18th. Weiss Ratings upgraded shares of Citi Trends from a “sell (d-)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $68.00.

Citi Trends Price Performance

NASDAQ:CTRN traded up $5.16 on Thursday, reaching $51.76. The stock had a trading volume of 99,365 shares, compared to its average volume of 99,669. The company has a market cap of $432.73 million, a price-to-earnings ratio of 88.26 and a beta of 1.93. The firm’s fifty day moving average is $45.23 and its two-hundred day moving average is $44.62. Citi Trends has a 12-month low of $25.52 and a 12-month high of $56.78.

Citi Trends (NASDAQ:CTRN) last issued its quarterly earnings results on Tuesday, March 17th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.07. The business had revenue of $230.39 million during the quarter, compared to the consensus estimate of $227.42 million. Citi Trends had a net margin of 0.64% and a negative return on equity of 4.78%.

Insider Buying and Selling

In related news, Director Margaret L. Jenkins sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $45.91, for a total transaction of $91,820.00. Following the transaction, the director directly owned 14,163 shares of the company’s stock, valued at approximately $650,223.33. The trade was a 12.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 9.60% of the company’s stock.

Institutional Investors Weigh In On Citi Trends

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. bought a new stake in shares of Citi Trends in the 4th quarter valued at approximately $3,616,000. Tectonic Advisors LLC increased its holdings in shares of Citi Trends by 203.3% in the 4th quarter. Tectonic Advisors LLC now owns 45,396 shares of the company’s stock valued at $1,887,000 after acquiring an additional 30,428 shares during the last quarter. Principal Financial Group Inc. bought a new stake in shares of Citi Trends in the 3rd quarter valued at approximately $812,000. GSA Capital Partners LLP bought a new stake in shares of Citi Trends in the 3rd quarter valued at approximately $551,000. Finally, Hodges Capital Management Inc. increased its holdings in shares of Citi Trends by 593.3% in the 3rd quarter. Hodges Capital Management Inc. now owns 52,000 shares of the company’s stock valued at $1,614,000 after acquiring an additional 44,500 shares during the last quarter.

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.