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

Citi Trends, Inc. (NASDAQ:CTRN) hit a new 52-week high on Thursday . The stock traded as high as $59.11 and last traded at $60.3480, with a volume of 28502 shares changing hands. The stock had previously closed at $56.84.

Analyst Ratings Changes

Several analysts have recently commented on CTRN shares. Wall Street Zen upgraded Citi Trends from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Weiss Ratings upgraded Citi Trends from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 29th. Craig Hallum reissued a “buy” rating on shares of Citi Trends in a research note on Wednesday, March 18th. Finally, DA Davidson restated a “buy” rating and set a $68.00 price objective on shares of Citi Trends in a report on Wednesday, June 3rd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Citi Trends presently has an average rating of “Moderate Buy” and a consensus price target of $68.00.

Citi Trends Price Performance

The stock has a market capitalization of $521.50 million, a price-to-earnings ratio of 44.84 and a beta of 1.88. The business’s fifty day moving average price is $46.18 and its 200-day moving average price is $45.35.

Citi Trends (NASDAQ:CTRN) last posted its earnings results on Tuesday, June 2nd. The company reported $0.91 earnings per share 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 company had revenue of $230.86 million for the quarter, compared to analyst estimates of $217.42 million. During the same quarter in the prior year, the business posted $0.11 EPS.

Insider Buying and Selling at Citi Trends

In other news, Director Margaret L. Jenkins sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $45.91, for a total value of $91,820.00. Following the transaction, the director owned 14,163 shares in the company, valued at $650,223.33. This trade represents a 12.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 9.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Citi Trends

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sei Investments Co. lifted its stake in Citi Trends by 101.7% during the 1st quarter. Sei Investments Co. now owns 45,536 shares of the company’s stock valued at $1,973,000 after acquiring an additional 22,964 shares in the last quarter. State of Wyoming bought a new stake in shares of Citi Trends in the 1st quarter worth $397,000. Meeder Asset Management Inc. raised its holdings in shares of Citi Trends by 40.5% in the first quarter. Meeder Asset Management Inc. now owns 2,315 shares of the company’s stock valued at $100,000 after purchasing an additional 667 shares during the last quarter. Hillsdale Investment Management Inc. lifted its position in shares of Citi Trends by 73.0% during the first quarter. Hillsdale Investment Management Inc. now owns 15,880 shares of the company’s stock valued at $688,000 after purchasing an additional 6,700 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Citi Trends by 50.0% during the first quarter. Principal Financial Group Inc. now owns 18,330 shares of the company’s stock valued at $794,000 after purchasing an additional 6,112 shares in the last quarter.

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.