Citi Trends, Inc. (NASDAQ:CTRN) Sees Large Increase in Short Interest

Citi Trends, Inc. (NASDAQ:CTRNGet Free Report) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 1,080,000 shares, an increase of 15.2% from the February 29th total of 937,300 shares. Approximately 13.2% of the company’s stock are sold short. Based on an average daily trading volume, of 75,800 shares, the days-to-cover ratio is presently 14.2 days.

Insider Activity

In related news, major shareholder Fund 1 Investments, Llc acquired 70,804 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was bought at an average price of $30.51 per share, with a total value of $2,160,230.04. Following the acquisition, the insider now owns 1,400,146 shares in the company, valued at approximately $42,718,454.46. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders purchased 160,938 shares of company stock valued at $4,830,742. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CTRN. Divisadero Street Capital Management LP acquired a new stake in shares of Citi Trends during the 2nd quarter worth $8,590,000. Fund 1 Investments LLC grew its holdings in shares of Citi Trends by 55.6% during the 4th quarter. Fund 1 Investments LLC now owns 1,329,342 shares of the company’s stock worth $37,594,000 after purchasing an additional 474,736 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Citi Trends by 23.9% during the 3rd quarter. Alliancebernstein L.P. now owns 996,785 shares of the company’s stock worth $15,460,000 after purchasing an additional 192,407 shares in the last quarter. Vanguard Group Inc. boosted its stake in Citi Trends by 24.2% in the first quarter. Vanguard Group Inc. now owns 636,508 shares of the company’s stock valued at $19,493,000 after buying an additional 124,010 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in Citi Trends by 47.5% in the third quarter. Jennison Associates LLC now owns 376,278 shares of the company’s stock valued at $8,361,000 after buying an additional 121,134 shares in the last quarter.

Citi Trends Trading Down 2.0 %

CTRN stock traded down $0.56 during trading hours on Tuesday, hitting $27.02. 51,179 shares of the stock were exchanged, compared to its average volume of 75,746. The firm has a market capitalization of $230.75 million, a P/E ratio of -18.38 and a beta of 2.37. The company has a 50-day simple moving average of $29.02 and a two-hundred day simple moving average of $26.20. Citi Trends has a 12 month low of $14.20 and a 12 month high of $32.90.

Analyst Ratings Changes

CTRN has been the topic of a number of research analyst reports. Benchmark restated a “buy” rating and issued a $35.00 price target on shares of Citi Trends in a research note on Wednesday, March 20th. Craig Hallum restated a “hold” rating and issued a $27.00 price target (down previously from $28.00) on shares of Citi Trends in a research note on Tuesday, March 19th.

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Citi Trends Company Profile

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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.

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