Citi Trends (NASDAQ:CTRN) Sets New 52-Week High – Here’s Why

Citi Trends, Inc. (NASDAQ:CTRN)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $73.99 and last traded at $73.8690, with a volume of 645 shares changing hands. The stock had previously closed at $72.69.

Wall Street Analyst Weigh In

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

Citi Trends Stock Performance

The company’s 50 day moving average price is $58.89 and its 200 day moving average price is $50.15. The company has a market cap of $637.37 million, a price-to-earnings ratio of 55.59 and a beta of 1.82.

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

Institutional Trading of Citi Trends

Several hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets boosted its holdings in shares of Citi Trends by 143.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,051 shares of the company’s stock worth $33,000 after acquiring an additional 619 shares in the last quarter. New York State Common Retirement Fund increased its holdings in Citi Trends by 175.0% during the 4th quarter. New York State Common Retirement Fund now owns 1,100 shares of the company’s stock valued at $46,000 after purchasing an additional 700 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Citi Trends during the 4th quarter valued at $51,000. Meeder Asset Management Inc. raised its position in Citi Trends by 277.1% in the 4th quarter. Meeder Asset Management Inc. now owns 1,648 shares of the company’s stock valued at $68,000 after purchasing an additional 1,211 shares during the last quarter. Finally, State of Wyoming bought a new position in Citi Trends in the 2nd quarter valued at $83,000.

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.