Citi Trends (NASDAQ:CTRN) Shares Gap Down – What’s Next?

Citi Trends, Inc. (NASDAQ:CTRN)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $74.35, but opened at $65.38. Citi Trends shares last traded at $71.0210, with a volume of 79,089 shares.

Analysts Set New Price Targets

Several analysts have recently weighed in on CTRN shares. Weiss Ratings upgraded shares of Citi Trends from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 29th. DA Davidson increased their target price on Citi Trends from $68.00 to $73.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Finally, Wall Street Zen upgraded Citi Trends from a “hold” rating to a “buy” rating in a research report on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Citi Trends Price Performance

The stock has a market capitalization of $579.64 million, a PE ratio of 50.13 and a beta of 1.82. The firm’s 50 day simple moving average is $64.73 and its 200 day simple moving average is $52.44.

Citi Trends (NASDAQ:CTRN) last announced its quarterly earnings data on Tuesday, August 25th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.37. Citi Trends had a net margin of 1.42% and a return on equity of 2.09%.

Institutional Trading of Citi Trends

Institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its stake in shares of Citi Trends by 1,401.9% during the second quarter. California State Teachers Retirement System now owns 3,875 shares of the company’s stock valued at $224,000 after buying an additional 3,617 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Citi Trends in the 2nd quarter valued at about $316,000. Hsbc Holdings PLC boosted its holdings in Citi Trends by 2.4% during the 2nd quarter. Hsbc Holdings PLC now owns 14,521 shares of the company’s stock valued at $828,000 after acquiring an additional 336 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Citi Trends in the second quarter worth approximately $635,000. Finally, Corient Private Wealth LP purchased a new position in shares of Citi Trends in the second quarter valued at about $661,000.

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.