Citi Trends (NASDAQ:CTRN) Hits New 52-Week High – What’s Next?

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

Analyst Upgrades and Downgrades

A number of research firms have commented on CTRN. DA Davidson reiterated a “buy” rating and issued a $68.00 price target on shares of Citi Trends in a research note on Wednesday, June 3rd. Craig Hallum reiterated a “buy” rating on shares of Citi Trends in a research note on Wednesday, March 18th. Weiss Ratings upgraded shares of Citi Trends from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 29th. Finally, Wall Street Zen lowered Citi Trends from a “buy” rating to a “hold” rating in a report on Sunday. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.00.

Citi Trends Price Performance

The stock’s fifty day moving average price is $47.58 and its 200-day moving average price is $45.85. The firm has a market cap of $541.78 million, a PE ratio of 46.63 and a beta of 1.88.

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

Insider Transactions at Citi Trends

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

Institutional Investors Weigh In On Citi Trends

Hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. bought a new stake in Citi Trends in the fourth quarter valued at about $3,616,000. Tectonic Advisors LLC boosted its stake in Citi Trends by 203.3% during the 4th quarter. Tectonic Advisors LLC now owns 45,396 shares of the company’s stock valued at $1,887,000 after purchasing an additional 30,428 shares during the period. Sierra Summit Advisors LLC acquired a new position in shares of Citi Trends during the fourth quarter worth approximately $994,000. GSA Capital Partners LLP bought a new position in shares of Citi Trends in the third quarter worth $551,000. Finally, Dynamic Technology Lab Private Ltd increased its stake in Citi Trends by 57.5% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 34,989 shares of the company’s stock valued at $1,454,000 after buying an additional 12,767 shares during the period.

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.