Citi Trends (NASDAQ:CTRN) Reaches New 12-Month High – Still a Buy?

Citi Trends, Inc. (NASDAQ:CTRN)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $66.47 and last traded at $66.30, with a volume of 76652 shares changing hands. The stock had previously closed at $65.65.

Analysts Set New Price Targets

CTRN has been the subject of a number of recent analyst reports. DA Davidson raised their price objective on Citi Trends from $68.00 to $73.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Wall Street Zen upgraded Citi Trends from a “hold” rating to a “buy” rating in a research note on Monday, June 29th. Finally, Weiss Ratings raised Citi Trends from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 29th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Citi Trends has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Citi Trends Price Performance

The business’s 50-day moving average is $52.70 and its 200 day moving average is $48.31. The firm has a market capitalization of $534.95 million, a P/E ratio of 46.20 and a beta of 1.83.

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

Institutional Trading of Citi Trends

Institutional investors have recently modified their holdings of the business. Broad Bay Capital Management LP bought a new position in shares of Citi Trends in the 4th quarter worth about $6,650,000. AQR Capital Management LLC boosted its position in shares of Citi Trends by 239.6% during the 4th quarter. AQR Capital Management LLC now owns 182,133 shares of the company’s stock valued at $7,569,000 after purchasing an additional 128,508 shares in the last quarter. Marshall Wace LLP boosted its position in shares of 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 purchasing an additional 116,722 shares in the last quarter. UBS Group AG grew its stake in Citi Trends by 478.3% during the third quarter. UBS Group AG now owns 122,631 shares of the company’s stock worth $3,805,000 after purchasing an additional 101,426 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new stake in Citi Trends in the third quarter worth approximately $2,778,000.

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.