Wall Street Zen Downgrades Citi Trends (NASDAQ:CTRN) to Hold

Citi Trends (NASDAQ:CTRN) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.

Other research analysts have also issued research reports about the company. DA Davidson set a $81.00 price objective on Citi Trends in a research report on Wednesday, August 26th. Weiss Ratings lowered Citi Trends from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday. 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.00.

Citi Trends Price Performance

CTRN opened at $60.62 on Friday. The firm has a market cap of $505.57 million, a price-to-earnings ratio of 73.93 and a beta of 1.82. Citi Trends has a fifty-two week low of $29.60 and a fifty-two week high of $77.91. The company’s 50-day moving average price is $67.37 and its 200 day moving average price is $54.66.

Citi Trends (NASDAQ:CTRN) last issued its earnings results on Tuesday, August 25th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.37. The company had revenue of $211.63 million during the quarter, compared to the consensus estimate of $211.60 million. Citi Trends had a return on equity of 8.11% and a net margin of 0.84%.

Insider Buying and Selling

In other Citi Trends news, EVP Lisa Powell sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $70.10, for a total value of $701,000.00. Following the sale, the executive vice president owned 13,970 shares in the company, valued at approximately $979,297. This trade represents a 41.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 9.60% of the company’s stock.

Hedge Funds Weigh In On Citi Trends

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd bought a new position in Citi Trends in the 1st quarter worth approximately $204,000. Arrowstreet Capital Limited Partnership raised its stake in Citi Trends by 17.1% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 64,248 shares of the company’s stock valued at $2,145,000 after acquiring an additional 9,380 shares in the last quarter. Invesco Ltd. raised its stake in Citi Trends by 243.3% during the 2nd quarter. Invesco Ltd. now owns 103,965 shares of the company’s stock valued at $3,471,000 after acquiring an additional 73,678 shares in the last quarter. Marshall Wace LLP boosted its position in Citi Trends by 269.2% during the 2nd quarter. Marshall Wace LLP now owns 160,084 shares of the company’s stock worth $5,345,000 after acquiring an additional 116,722 shares during the period. Finally, Jump Financial LLC acquired a new position in Citi Trends during the 2nd quarter worth $594,000.

Citi Trends Company Profile

Citi Trends, Inc is a value-focused specialty retailer serving predominantly African American and Latinx families and communities in the United States. The company operates stores under the Citi Trends banner and offers affordable merchandise for women, men and children.

Its product assortment includes apparel, footwear, accessories, beauty products, home décor, toys, and other seasonal and lifestyle merchandise. Citi Trends emphasizes frequently changing selections and value-oriented prices across its stores and online retail channel.

The company traces its roots to 1946 and has expanded from its origins as a regional retailer into a national chain serving customers primarily in urban and densely populated communities across the United States.