DA Davidson Reiterates “Buy” Rating for Citi Trends (NASDAQ:CTRN)

Citi Trends (NASDAQ:CTRN)‘s stock had its “buy” rating restated by equities research analysts at DA Davidson in a research report issued on Wednesday,Benzinga reports. They currently have a $29.00 target price on the stock. DA Davidson’s price objective suggests a potential upside of 35.77% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Craig Hallum upgraded Citi Trends from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Monday, February 10th. StockNews.com upgraded Citi Trends from a “sell” rating to a “hold” rating in a report on Wednesday, February 12th.

Citi Trends Stock Down 3.6 %

Shares of CTRN traded down $0.80 during trading hours on Wednesday, hitting $21.36. The company had a trading volume of 9,828 shares, compared to its average volume of 123,516. The firm has a market cap of $186.05 million, a P/E ratio of -6.96 and a beta of 2.29. The stock’s 50 day moving average price is $25.29 and its 200 day moving average price is $22.07. Citi Trends has a 52-week low of $13.66 and a 52-week high of $29.50.

Citi Trends (NASDAQ:CTRN) last announced its quarterly earnings results on Tuesday, March 18th. The company reported ($1.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($1.73). Citi Trends had a negative net margin of 3.36% and a negative return on equity of 14.43%. The business had revenue of $211.17 million for the quarter, compared to analysts’ expectations of $211.54 million. During the same quarter in the prior year, the firm earned $0.53 EPS.

Insider Activity

In other news, Director Jonathan Duskin sold 12,000 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $26.44, for a total transaction of $317,280.00. Following the transaction, the director now directly owns 33,396 shares of the company’s stock, valued at $882,990.24. This represents a 26.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Citi Trends

Several hedge funds and other institutional investors have recently modified their holdings of CTRN. Exchange Traded Concepts LLC increased its stake in Citi Trends by 7.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 100,523 shares of the company’s stock worth $2,639,000 after buying an additional 6,702 shares in the last quarter. Jane Street Group LLC purchased a new stake in Citi Trends in the 3rd quarter worth $193,000. Barclays PLC increased its stake in Citi Trends by 19.9% in the 3rd quarter. Barclays PLC now owns 25,953 shares of the company’s stock worth $478,000 after buying an additional 4,300 shares in the last quarter. Empowered Funds LLC increased its stake in Citi Trends by 5.0% in the 4th quarter. Empowered Funds LLC now owns 25,278 shares of the company’s stock worth $664,000 after buying an additional 1,195 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in Citi Trends by 157.3% in the 4th quarter. Rhumbline Advisers now owns 31,089 shares of the company’s stock worth $816,000 after buying an additional 19,005 shares in the last quarter.

About Citi Trends

Citi Trends, Inc operates as a value retailer of fashion apparel, accessories, and home goods. The company offers apparel, such as fashion sportswear and footwear for men and ladies, as well as apparel for kids, including newborns, infants, toddlers, boys, and girls; sleepwear, lingerie, and scrubs for ladies; and kids uniforms and accessories.