Citi Trends, Inc. (NASDAQ:CTRN) Short Interest Up 8.2% in September

Citi Trends, Inc. (NASDAQ:CTRN) was the target of a large growth in short interest in September. As of September 15th, there was short interest totalling 1,720,000 shares, a growth of 8.2% from the August 31st total of 1,590,000 shares. Approximately 21.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 207,000 shares, the short-interest ratio is presently 8.3 days.

Citi Trends Stock Performance

NASDAQ CTRN opened at $18.06 on Wednesday. Citi Trends has a one year low of $13.65 and a one year high of $32.90. The company has a market capitalization of $155.23 million, a price-to-earnings ratio of -16.72 and a beta of 2.39. The company’s 50-day simple moving average is $16.56 and its two-hundred day simple moving average is $20.71.

Citi Trends (NASDAQ:CTRN) last posted 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 company had revenue of $176.55 million during the quarter.

Insiders Place Their Bets

In related news, major shareholder Fund 1 Investments, Llc acquired 3,000 shares of Citi Trends stock in a transaction dated Friday, July 5th. The shares were purchased at an average price of $19.34 per share, for a total transaction of $58,020.00. Following the completion of the transaction, the insider now directly owns 2,568,986 shares in the company, valued at approximately $49,684,189.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Fund 1 Investments, Llc bought 3,000 shares of Citi Trends stock in a transaction dated Friday, July 5th. The shares were purchased at an average cost of $19.34 per share, with a total value of $58,020.00. Following the completion of the acquisition, the insider now owns 2,568,986 shares of the company’s stock, valued at approximately $49,684,189.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Heather L. Plutino bought 3,573 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 21,316 shares of the company’s stock, valued at approximately $298,210.84. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 259,699 shares of company stock worth $4,798,558. Corporate insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Citi Trends

A number of large investors have recently modified their holdings of CTRN. SG Americas Securities LLC purchased a new position in Citi Trends in the 1st quarter worth $139,000. Deerfield Management Company L.P. Series C acquired a new stake in shares of Citi Trends during the second quarter worth about $208,000. Rhumbline Advisers boosted its position in Citi Trends by 41,964.0% in 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 last quarter. Empowered Funds LLC boosted its holdings in shares of 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 acquiring an additional 1,575 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Citi Trends during the 2nd quarter valued at about $584,000.

Analysts Set New Price Targets

Several analysts recently weighed in on CTRN shares. Benchmark restated a “buy” rating and set a $35.00 price target on shares of Citi Trends in a report on Wednesday, June 5th. DA Davidson reduced their target price on shares of Citi Trends from $33.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, August 28th. StockNews.com cut shares of Citi Trends from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. Finally, Craig Hallum reduced their price objective on shares of Citi Trends from $25.00 to $14.00 and set a “hold” rating on the stock in a research report on Wednesday, August 28th.

About Citi Trends

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.