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

Shares of Citi Trends, Inc. (NASDAQ:CTRN) hit a new 52-week high during trading on Tuesday . The stock traded as high as $67.89 and last traded at $67.6150, with a volume of 129321 shares. The stock had previously closed at $65.24.

Analyst Ratings Changes

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

Citi Trends Stock Up 1.9%

The stock has a fifty day moving average of $55.20 and a 200-day moving average of $49.01. The firm has a market capitalization of $565.40 million, a P/E ratio of 48.68 and a beta of 1.83.

Citi Trends (NASDAQ:CTRN) last released its 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 analysts’ expectations of $217.42 million. Citi Trends had a return on equity of 2.09% and a net margin of 1.42%.During the same quarter in the previous year, the business posted $0.11 EPS.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd bought a new position in Citi Trends in the first quarter valued at $204,000. Arrowstreet Capital Limited Partnership lifted its position in Citi Trends by 17.1% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 64,248 shares of the company’s stock worth $2,145,000 after buying an additional 9,380 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Citi Trends by 243.3% during the 2nd quarter. Invesco Ltd. now owns 103,965 shares of the company’s stock worth $3,471,000 after buying an additional 73,678 shares during the last quarter. Marshall Wace LLP boosted its stake 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 worth $5,345,000 after buying an additional 116,722 shares during the last quarter. Finally, Jump Financial LLC bought a new position in shares of Citi Trends in the 2nd quarter valued at about $594,000.

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.