Citi Trends (NASDAQ:CTRN) Sets New 1-Year High – What’s Next?

Citi Trends, Inc. (NASDAQ:CTRN)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $64.78 and last traded at $64.5650, with a volume of 16970 shares traded. The stock had previously closed at $61.89.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CTRN. Wall Street Zen downgraded Citi Trends from a “buy” rating to a “hold” rating in a report on Sunday. DA Davidson reissued a “buy” rating and set a $68.00 target price on shares of Citi Trends in a research report on Wednesday, June 3rd. Craig Hallum reiterated a “buy” rating on shares of Citi Trends in a research note on Wednesday, March 18th. Finally, Weiss Ratings raised Citi Trends from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 29th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $68.00.

Citi Trends Trading Up 5.1%

The firm has a market cap of $541.78 million, a P/E ratio of 46.63 and a beta of 1.88. The company’s fifty day moving average price is $47.58 and its two-hundred day moving average price is $45.85.

Citi Trends (NASDAQ:CTRN) last announced its earnings results on Tuesday, June 2nd. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.32 by $0.59. The business had revenue of $230.86 million for the quarter, compared to the consensus estimate of $217.42 million. Citi Trends had a return on equity of 2.09% and a net margin of 1.42%.During the same period in the previous year, the business earned $0.11 EPS.

Insider Activity at Citi Trends

In other Citi Trends news, Director Margaret L. Jenkins sold 2,000 shares of the business’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $45.91, for a total transaction of $91,820.00. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Citi Trends

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets raised its position in Citi Trends by 143.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,051 shares of the company’s stock valued at $33,000 after buying an additional 619 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Citi Trends by 175.0% in the 4th quarter. New York State Common Retirement Fund now owns 1,100 shares of the company’s stock valued at $46,000 after buying an additional 700 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Citi Trends in the fourth quarter valued at $51,000. Meeder Asset Management Inc. increased its stake in shares of Citi Trends by 277.1% during the 4th quarter. Meeder Asset Management Inc. now owns 1,648 shares of the company’s stock worth $68,000 after purchasing an additional 1,211 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Citi Trends by 7,843.8% in the third quarter. Russell Investments Group Ltd. now owns 6,355 shares of the company’s stock valued at $197,000 after buying an additional 6,275 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.