Short Interest in Citi Trends, Inc. (NASDAQ:CTRN) Drops By 6.2%

Citi Trends, Inc. (NASDAQ:CTRN - Get Free Report) was the target of a large drop in short interest in October. As of October 15th, there was short interest totalling 1,520,000 shares, a drop of 6.2% from the September 30th total of 1,620,000 shares. Approximately 19.2% of the company's stock are short sold. Based on an average trading volume of 152,200 shares, the days-to-cover ratio is currently 10.0 days.

Insider Buying and Selling at Citi Trends

In other news, CEO Kenneth Duane Seipel bought 25,000 shares of Citi Trends stock in a transaction on Wednesday, August 28th. The stock was acquired at an average cost of $14.39 per share, for a total transaction of $359,750.00. Following the completion of the acquisition, the chief executive officer now owns 282,139 shares of the company's stock, valued at $4,059,980.21. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Kenneth Duane Seipel bought 25,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was bought at an average cost of $14.39 per share, for a total transaction of $359,750.00. Following the completion of the purchase, the chief executive officer now directly 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Heather L. Plutino acquired 3,573 shares of the firm's stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average price of $13.99 per share, with a total value of $49,986.27. Following the acquisition, the chief financial officer now owns 21,316 shares in the company, valued at approximately $298,210.84. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 31,573 shares of company stock valued at $455,336. 3.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Citi Trends

Institutional investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC acquired a new stake in Citi Trends in the 3rd quarter valued at $1,723,000. Long Focus Capital Management LLC increased its stake in shares of Citi Trends by 24.9% during the second quarter. Long Focus Capital Management LLC now owns 250,673 shares of the company's stock worth $5,329,000 after purchasing an additional 50,000 shares in the last quarter. Deerfield Management Company L.P. Series C purchased a new position in Citi Trends in the 2nd quarter valued at about $208,000. Renaissance Technologies LLC purchased a new stake in Citi Trends during the 2nd quarter worth approximately $584,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Citi Trends by 6.5% during the second quarter. Dimensional Fund Advisors LP now owns 608,553 shares of the company's stock valued at $12,938,000 after acquiring an additional 37,107 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CTRN. Craig Hallum dropped their price objective on shares of Citi Trends from $25.00 to $14.00 and set a "hold" rating on the stock in a report 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, DA Davidson cut their price objective 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.

Citi Trends Trading Down 2.8 %

Citi Trends stock traded down $0.55 during mid-day trading on Thursday, hitting $18.89. The company had a trading volume of 67,682 shares, compared to its average volume of 124,607. The company has a market capitalization of $162.74 million, a price-to-earnings ratio of -7.05 and a beta of 2.40. The company's fifty day moving average is $17.53 and its 200-day moving average is $19.63. Citi Trends has a 12-month low of $13.65 and a 12-month high of $32.90.

Citi Trends (NASDAQ:CTRN - Get Free Report) last released its quarterly earnings results on Tuesday, August 27th. The company reported ($1.94) 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 firm had revenue of $176.55 million for the quarter.

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.