Citi Trends (NASDAQ:CTRN) Posts Earnings Results, Beats Expectations By $0.08 EPS

Citi Trends (NASDAQ:CTRN – Get Rating) announced its quarterly earnings results on Tuesday. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.08, MarketWatch Earnings reports. Citi Trends had a net margin of 6.28% and a return on equity of 48.27%. During the same quarter in the previous year, the company posted $3.23 earnings per share. Citi Trends updated its FY 2022 guidance to $2.25-$2.75 EPS.

Shares of Citi Trends stock traded up $1.66 during trading on Thursday, hitting $32.64. The company’s stock had a trading volume of 9,166 shares, compared to its average volume of 553,577. The company has a fifty day simple moving average of $30.74 and a two-hundred day simple moving average of $51.95. The company has a market capitalization of $282.96 million, a PE ratio of 4.57 and a beta of 2.01. Citi Trends has a 52 week low of $21.70 and a 52 week high of $97.46.

In related news, SVP Jessica Berkowitz sold 1,815 shares of the stock in a transaction dated Tuesday, April 12th. The shares were sold at an average price of $31.95, for a total value of $57,989.25. Following the completion of the transaction, the senior vice president now directly owns 5,446 shares in the company, valued at approximately $173,999.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.20% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN increased its stake in Citi Trends by 197.1% during the 2nd quarter. Wells Fargo & Company MN now owns 20,614 shares of the company’s stock valued at $1,793,000 after purchasing an additional 13,676 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Citi Trends by 215.5% in the second quarter. Morgan Stanley now owns 42,195 shares of the company’s stock worth $3,671,000 after buying an additional 28,821 shares during the last quarter. UBS Group AG boosted its holdings in shares of Citi Trends by 18.7% in the third quarter. UBS Group AG now owns 28,883 shares of the company’s stock worth $2,107,000 after buying an additional 4,546 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Citi Trends by 4.7% in the third quarter. Bank of New York Mellon Corp now owns 44,432 shares of the company’s stock worth $3,241,000 after buying an additional 1,985 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Citi Trends by 13.4% in the fourth quarter. JPMorgan Chase & Co. now owns 15,735 shares of the company’s stock worth $1,491,000 after buying an additional 1,854 shares during the last quarter.

Several equities research analysts have weighed in on the stock. Zacks Investment Research raised shares of Citi Trends from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 17th. Benchmark dropped their price target on shares of Citi Trends to $50.00 in a research report on Wednesday. Telsey Advisory Group dropped their price target on shares of Citi Trends to $45.00 in a research report on Wednesday. TheStreet lowered shares of Citi Trends from a “b-” rating to a “c+” rating in a report on Thursday, February 17th. Finally, StockNews.com started coverage on shares of Citi Trends in a report on Thursday, March 31st. They issued a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $45.00.

About Citi Trends (Get Rating)

Citi Trends, Inc operates as a value retailer of fashion apparel, accessories, and home goods. It 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.

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