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

Citi Trends, Inc. (NASDAQ:CTRN) was the recipient of a significant decline in short interest in October. As of October 15th, there was short interest totalling 1,520,000 shares, a decline of 6.2% from the September 30th total of 1,620,000 shares. Based on an average daily trading volume, of 152,200 shares, the days-to-cover ratio is presently 10.0 days. Approximately 19.2% of the shares of the stock are sold short.

Citi Trends Trading Down 0.2 %

Citi Trends stock opened at $18.85 on Friday. Citi Trends has a 12-month low of $13.65 and a 12-month high of $32.90. The firm has a 50-day moving average price of $17.61 and a 200-day moving average price of $19.63. The firm has a market capitalization of $162.49 million, a PE ratio of -7.03 and a beta of 2.40.

Citi Trends (NASDAQ:CTRN) last announced its earnings results on Tuesday, August 27th. The company reported ($1.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($1.42). Citi Trends had a negative net margin of 2.92% and a negative return on equity of 12.62%. The business had revenue of $176.55 million for the quarter.

Insider Buying and Selling

In related news, CFO Heather L. Plutino bought 3,573 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was bought at an average cost of $13.99 per share, with a total value of $49,986.27. Following the completion of the purchase, the chief financial officer now owns 21,316 shares of the company’s stock, valued at approximately $298,210.84. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Heather L. Plutino bought 3,573 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were bought at an average cost of $13.99 per share, for a total transaction of $49,986.27. Following the completion of the transaction, the chief financial officer now owns 21,316 shares of the company’s stock, valued at approximately $298,210.84. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Kenneth Duane Seipel acquired 25,000 shares of Citi Trends stock in a transaction on Wednesday, August 28th. The stock was purchased at an average cost of $14.39 per share, for a total transaction of $359,750.00. Following the purchase, the chief executive officer now owns 282,139 shares in the company, valued at approximately $4,059,980.21. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 31,573 shares of company stock worth $455,336. 3.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Citi Trends

A number of institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in Citi Trends during the 1st quarter worth about $139,000. Deerfield Management Company L.P. Series C bought a new position in shares of Citi Trends during the second quarter valued at approximately $208,000. Rhumbline Advisers increased its holdings in Citi Trends by 41,964.0% during the second 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. Empowered Funds LLC increased its holdings in Citi Trends by 8.0% during the first 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. Finally, Renaissance Technologies LLC bought a new position in Citi Trends in the second quarter worth approximately $584,000.

Analysts Set New Price Targets

CTRN has been the subject of a number of recent research reports. StockNews.com cut shares of Citi Trends from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. DA Davidson reduced their price objective on Citi Trends from $33.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, August 28th. Finally, Craig Hallum decreased their price objective on Citi Trends from $25.00 to $14.00 and set a “hold” rating on the stock in a research report on Wednesday, August 28th.

Citi Trends Company Profile

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.