Citi Trends (NASDAQ:CTRN) Cut to “Strong Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Citi Trends (NASDAQ:CTRNGet Rating) from a hold rating to a strong sell rating in a research report released on Tuesday, Zacks.com reports.

According to Zacks, “Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates stores located in the South, Southeast and Mid-Atlantic region. “

Several other brokerages have also commented on CTRN. TheStreet lowered shares of Citi Trends from a b- rating to a c+ rating in a research report on Thursday, February 17th. StockNews.com initiated coverage on shares of Citi Trends in a research report on Thursday, March 31st. They set a hold rating on the stock. Telsey Advisory Group decreased their target price on shares of Citi Trends from $100.00 to $65.00 and set an outperform rating on the stock in a research report on Wednesday, March 9th. Gordon Haskett lowered shares of Citi Trends from a buy rating to an accumulate rating and decreased their target price for the stock from $90.00 to $60.00 in a research report on Thursday, February 10th. Finally, Craig Hallum decreased their price objective on shares of Citi Trends from $100.00 to $80.00 and set a buy rating on the stock in a research report on Wednesday, March 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Citi Trends has a consensus rating of Buy and a consensus price target of $71.20.

NASDAQ:CTRN opened at $29.32 on Tuesday. The firm has a fifty day moving average price of $32.19. Citi Trends has a 1-year low of $26.63 and a 1-year high of $101.25. The stock has a market cap of $254.18 million, a price-to-earnings ratio of 4.32 and a beta of 2.01.

Citi Trends (NASDAQ:CTRNGet Rating) last issued its earnings results on Tuesday, March 15th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.09 by $0.07. The company had revenue of $240.97 million for the quarter, compared to analyst estimates of $241.80 million. Citi Trends had a net margin of 6.28% and a return on equity of 48.27%. During the same period in the previous year, the firm earned $1.81 EPS. Equities analysts forecast that Citi Trends will post 4.45 EPS for the current year.

In related news, SVP Jessica Berkowitz sold 1,815 shares of the business’s 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 sale, the senior vice president now directly owns 5,446 shares in the company, valued at approximately $173,999.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 6.20% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Lord Abbett & CO. LLC raised its stake in Citi Trends by 102.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 194,442 shares of the company’s stock valued at $14,186,000 after purchasing an additional 98,218 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in Citi Trends by 69.7% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 5,435 shares of the company’s stock valued at $397,000 after purchasing an additional 2,232 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in Citi Trends by 125.4% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 22,360 shares of the company’s stock valued at $1,631,000 after purchasing an additional 12,439 shares during the last quarter. Lombard Odier Asset Management USA Corp acquired a new position in Citi Trends in the 3rd quarter valued at about $217,000. Finally, Janney Montgomery Scott LLC raised its stake in Citi Trends by 15.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 25,183 shares of the company’s stock valued at $2,386,000 after purchasing an additional 3,296 shares during the last quarter.

Citi Trends Company Profile (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.

Further Reading

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