Citi Trends, Inc. (NASDAQ:CTRN) Sees Significant Decrease in Short Interest

Citi Trends, Inc. (NASDAQ:CTRN) was the target of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 1,590,000 shares, a decrease of 13.1% from the August 15th total of 1,830,000 shares. Approximately 20.1% of the company’s stock are short sold. Based on an average daily volume of 192,900 shares, the days-to-cover ratio is currently 8.2 days.

Citi Trends Stock Down 0.8 %

Shares of NASDAQ CTRN traded down $0.15 during mid-day trading on Wednesday, reaching $17.52. 201,342 shares of the company were exchanged, compared to its average volume of 128,946. The company’s 50-day simple moving average is $16.77 and its 200-day simple moving average is $21.51. The stock has a market capitalization of $150.58 million, a P/E ratio of -16.22 and a beta of 2.39. Citi Trends has a twelve month low of $13.65 and a twelve month high of $32.90.

Citi Trends (NASDAQ:CTRN) last released its quarterly earnings results on Tuesday, August 27th. The company reported ($1.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($1.42). Citi Trends had a negative return on equity of 12.25% and a negative net margin of 2.92%. The business had revenue of $176.55 million for the quarter.

Wall Street Analysts Forecast Growth

CTRN has been the subject of a number of recent analyst reports. StockNews.com cut shares of Citi Trends from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. Benchmark restated a “buy” rating and set a $35.00 target price on shares of Citi Trends in a research note on Wednesday, June 5th. DA Davidson cut their target price on shares of Citi Trends from $33.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, August 28th. Finally, Craig Hallum cut their target price on shares of Citi Trends from $25.00 to $14.00 and set a “hold” rating for the company in a research note on Wednesday, August 28th.

Insider Buying and Selling

In other Citi Trends news, CFO Heather L. Plutino bought 3,573 shares of Citi Trends stock in a transaction that occurred on Wednesday, September 4th. The stock was acquired at an average price of $13.99 per share, for a total transaction of $49,986.27. Following the completion of the acquisition, the chief financial officer now owns 21,316 shares of the company’s stock, valued at approximately $298,210.84. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Heather L. Plutino purchased 3,573 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was purchased at an average price of $13.99 per share, for a total transaction of $49,986.27. Following the completion of the purchase, the chief financial officer now directly owns 21,316 shares in the company, valued at approximately $298,210.84. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Kenneth Duane Seipel purchased 25,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The stock was purchased at an average price of $14.39 per share, with a total value of $359,750.00. Following the purchase, the chief executive officer now owns 282,139 shares of the company’s stock, valued at $4,059,980.21. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 406,699 shares of company stock worth $7,915,608. 3.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Citi Trends

Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC bought a new position in Citi Trends during the first quarter worth about $139,000. Jump Financial LLC bought a new position in Citi Trends in the 4th quarter valued at about $223,000. Deerfield Management Company L.P. Series C bought a new position in Citi Trends in the 2nd quarter valued at about $208,000. Rhumbline Advisers increased its holdings in Citi Trends by 41,964.0% in the 2nd quarter. Rhumbline Advisers now owns 10,516 shares of the company’s stock valued at $224,000 after buying an additional 10,491 shares during the period. Finally, Empowered Funds LLC increased its holdings in Citi Trends by 8.0% in the 1st quarter. Empowered Funds LLC now owns 21,257 shares of the company’s stock valued at $577,000 after buying an additional 1,575 shares during the period.

About Citi Trends

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.