Citi Trends, Inc. (NASDAQ:CTRN) sees a significant decline in short-term interest

Citi Trends, Inc. (NASDAQ:CTRN – Get Rating) was the target of a sharp drop in short-term interest during August. As of August 31, there was short interest totaling 1,220,000 shares, down 18.7% from the total of 1,500,000 shares as of August 15. Currently, 15.2% of the company’s shares are sold short. Based on an average daily volume of 275,500 shares, the short interest ratio is currently 4.4 days.

Institutional entries and exits

Several hedge funds have recently changed their positions in the company. Federated Hermes Inc. increased its holdings of Citi Trends shares by 112.9% during the second quarter. Federated Hermes Inc. now owns 260,225 shares of the company worth $6,154,000 after purchasing an additional 137,968 shares during the period. Nomura Holdings Inc. bought a new position in Citi Trends in the second quarter worth approximately $454,000. Occudo Quantitative Strategies LP bought a new position in Citi Trends in the second quarter worth approximately $729,000. Millennium Management LLC increased its stake in Citi Trends to 89.4% in the second quarter. Millennium Management LLC now owns 253,906 shares of the company valued at $6,005,000 after acquiring an additional 119,821 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in Citi Trends by 36.4% in the second quarter. Rhumbline Advisers now owns 12,470 shares of the company valued at $295,000 after acquiring 3,331 additional shares in the last quarter.

Citi Trends Price Performance

Citi Trends stock traded down $0.10 during Friday trading hours, hitting $18.87. The company had a trading volume of 245,605 shares, compared to an average volume of 293,553. The company has a market capitalization of $158.13 million, a PE ratio of 3.45 and a beta of 1.99. Citi Trends has a one-year low of $18.50 and a one-year high of $97.46. The company has a 50-day moving average of $24.53 and a 200-day moving average of $27.83.

Citi Trends (NASDAQ:CTRN – Get Rating) last announced its results on Wednesday, August 24. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of $0.19 per ($0.50). Citi Trends had a return on equity of 15.89% and a net margin of 5.40%. In the same quarter of the previous year, the company achieved EPS of $1.36. As a group, research analysts expect Citi Trends to post 1.11 earnings per share for the current year.

Analyst upgrades and downgrades

Several equity research analysts have recently released reports on CTRN stocks. Craig Hallum cut his price target on Citi Trends shares from $34.00 to $26.00 in a Thursday, August 25 research note. Benchmark cut its price target on Citi Trends stock to $50.00 in a Wednesday, May 25 research note. Finally, Telsey Advisory Group lowered its price target on Citi Trends shares to $45.00 in a Wednesday, May 25 report. Two analysts have rated the stock with a hold rating and three have issued a buy rating for the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $45.25.

About Citi Trends

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Citi Trends, Inc operates as a value retailer of fashion apparel, accessories and home goods. It offers clothing, such as sportswear and fashion shoes for men and women, as well as clothing for children, including newborns, infants, toddlers, boys and girls; ladies’ sleepwear, lingerie and scrubs; and children’s uniforms and accessories.

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