Torrid (NYSE:CURV) Shares Gap Up Following Better-Than-Expected Earnings

Torrid Holdings Inc. (NYSE:CURV) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $5.53, but opened at $6.94. Torrid shares last traded at $6.02, with a volume of 184,497 shares changing hands.

The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The firm had revenue of $275.60 million for the quarter, compared to analysts’ expectations of $263.34 million. Torrid had a net margin of 1.35% and a negative return on equity of 7.68%. The company’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.04) earnings per share.

Analyst Ratings Changes

CURV has been the topic of several analyst reports. Bank of America started coverage on shares of Torrid in a research note on Friday, December 6th. They issued a “buy” rating and a $5.00 price objective on the stock. The Goldman Sachs Group upped their price objective on shares of Torrid from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Friday. Telsey Advisory Group upped their target price on shares of Torrid from $5.00 to $6.00 and gave the stock a “market perform” rating in a report on Friday. Finally, Morgan Stanley raised their price target on shares of Torrid from $3.00 to $4.00 and gave the company an “underweight” rating in a research report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $5.00.

Hedge Funds Weigh In On Torrid

Several hedge funds have recently modified their holdings of CURV. Wells Fargo & Company MN increased its stake in shares of Torrid by 150.7% during the 4th quarter. Wells Fargo & Company MN now owns 9,447 shares of the company’s stock worth $49,000 after purchasing an additional 5,678 shares during the last quarter. Corebridge Financial Inc. boosted its holdings in Torrid by 53.6% in the 4th quarter. Corebridge Financial Inc. now owns 10,052 shares of the company’s stock valued at $53,000 after purchasing an additional 3,509 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Torrid by 55.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,189 shares of the company’s stock worth $59,000 after acquiring an additional 4,013 shares during the last quarter. Two Sigma Advisers LP bought a new stake in shares of Torrid during the 4th quarter worth $80,000. Finally, Rhumbline Advisers lifted its holdings in shares of Torrid by 10.9% during the 4th quarter. Rhumbline Advisers now owns 17,213 shares of the company’s stock worth $90,000 after acquiring an additional 1,685 shares during the last quarter. Institutional investors own 81.82% of the company’s stock.

Torrid Price Performance

The firm has a market capitalization of $603.09 million, a P/E ratio of 38.38, a P/E/G ratio of 1.03 and a beta of 1.99. The firm’s 50 day simple moving average is $6.10 and its two-hundred day simple moving average is $4.96.

About Torrid

Torrid Holdings Inc operates in women’s plus-size apparel and intimates market in North America. The company designs, develops, and merchandises its products under the Torrid, Torrid Curve, CURV, and Lovesick brand names. It is involved in the sale of tops, bottoms, dresses, denims, activewear, intimates, sleep wear, swim wear, and outerwear products; and non-apparel products comprising accessories, footwear, and beauty products.