Torrid (NYSE:CURV) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Torrid Holdings Inc. (NYSE:CURV - Get Free Report) gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $5.53, but opened at $6.94. Torrid shares last traded at $6.02, with a volume of 184,497 shares changing hands.

The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.04. Torrid had a negative return on equity of 7.68% and a net margin of 1.35%. The firm had revenue of $275.60 million for the quarter, compared to the consensus estimate of $263.34 million. During the same period last year, the business posted ($0.04) EPS. The company's revenue for the quarter was down 6.1% on a year-over-year basis.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CURV shares. Telsey Advisory Group increased their price objective on shares of Torrid from $5.00 to $6.00 and gave the stock a "market perform" rating in a research note on Friday. Bank of America assumed coverage on shares of Torrid in a research note on Friday, December 6th. They set a "buy" rating and a $5.00 price target on the stock. Morgan Stanley raised their target price on Torrid from $3.00 to $4.00 and gave the stock an "underweight" rating in a report on Tuesday, January 21st. Finally, The Goldman Sachs Group boosted their price target on Torrid from $4.50 to $5.00 and gave the company a "neutral" rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $5.00.

Remove Ads

Institutional Trading of Torrid

Several institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers boosted its holdings in Torrid by 10.9% in the 4th quarter. Rhumbline Advisers now owns 17,213 shares of the company's stock worth $90,000 after buying an additional 1,685 shares during the period. Corebridge Financial Inc. lifted its position in shares of Torrid by 53.6% in the fourth quarter. Corebridge Financial Inc. now owns 10,052 shares of the company's stock valued at $53,000 after acquiring an additional 3,509 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Torrid by 55.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,189 shares of the company's stock worth $59,000 after acquiring an additional 4,013 shares during the period. Wells Fargo & Company MN grew its position in shares of Torrid by 150.7% during the fourth quarter. Wells Fargo & Company MN now owns 9,447 shares of the company's stock worth $49,000 after purchasing an additional 5,678 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Torrid by 8.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 87,941 shares of the company's stock valued at $346,000 after purchasing an additional 6,968 shares during the period. 81.82% of the stock is currently owned by institutional investors.

Torrid Stock Performance

The stock has a fifty day moving average of $6.10 and a 200 day moving average of $4.93. The company has a market capitalization of $585.59 million, a PE ratio of 37.27, a PEG ratio of 1.03 and a beta of 1.99.

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.