Bank of America Initiates Coverage on Torrid (NYSE:CURV)

Bank of America initiated coverage on shares of Torrid (NYSE:CURV - Free Report) in a research report sent to investors on Friday. The firm issued a buy rating and a $5.00 target price on the stock.

CURV has been the subject of several other research reports. William Blair raised shares of Torrid from a "market perform" rating to an "outperform" rating in a report on Tuesday, September 17th. The Goldman Sachs Group reduced their price objective on shares of Torrid from $4.50 to $4.00 and set a "neutral" rating for the company in a report on Wednesday. Finally, Telsey Advisory Group reduced their price objective on shares of Torrid from $8.00 to $5.00 and set a "market perform" rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $5.20.

Torrid Stock Up 14.3 %

CURV stock traded up $0.52 during trading on Friday, hitting $4.16. 1,144,337 shares of the company's stock traded hands, compared to its average volume of 515,657. Torrid has a 52 week low of $2.18 and a 52 week high of $9.14. The stock has a fifty day moving average price of $3.82 and a two-hundred day moving average price of $5.74. The stock has a market capitalization of $435.47 million, a price-to-earnings ratio of 27.73 and a beta of 2.01.

Torrid (NYSE:CURV - Get Free Report) last released its quarterly earnings results on Wednesday, September 4th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. The business had revenue of $284.60 million during the quarter, compared to analyst estimates of $282.87 million. Torrid had a net margin of 1.35% and a negative return on equity of 7.58%. The company's quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.06 earnings per share. As a group, equities research analysts expect that Torrid will post 0.16 EPS for the current fiscal year.

Insider Buying and Selling at Torrid

In other news, major shareholder Sycamore Partners Torrid, L.L. sold 7,282,942 shares of the company's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $3.80, for a total value of $27,675,179.60. Following the transaction, the insider now owns 75,069,044 shares in the company, valued at $285,262,367.20. This represents a 8.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Elizabeth Munoz sold 188,189 shares of the company's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $3.80, for a total value of $715,118.20. Following the completion of the transaction, the insider now owns 1,976,911 shares in the company, valued at $7,512,261.80. This represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,164,601 shares of company stock valued at $34,825,484. 9.77% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Torrid

A number of hedge funds have recently added to or reduced their stakes in CURV. Barclays PLC increased its holdings in Torrid by 354.5% in the third quarter. Barclays PLC now owns 17,416 shares of the company's stock worth $69,000 after buying an additional 13,584 shares during the last quarter. Maven Securities LTD acquired a new position in Torrid in the third quarter worth approximately $98,000. Quadrature Capital Ltd acquired a new position in Torrid during the third quarter valued at approximately $104,000. XTX Topco Ltd acquired a new position in Torrid during the third quarter valued at approximately $145,000. Finally, Verition Fund Management LLC acquired a new position in Torrid during the third quarter valued at approximately $166,000. Institutional investors and hedge funds own 81.82% of the company's stock.

About Torrid

Torrid Holdings Inc operates in women's plus-size apparel and intimates market in North America. The company designs, develops, and merchandises its products under the Torrid, Torrid Curve, CURV, and Lovesick brand names. It is involved in the sale of tops, bottoms, dresses, denims, activewear, intimates, sleep wear, swim wear, and outerwear products; and non-apparel products comprising accessories, footwear, and beauty products.