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

Torrid Holdings Inc. (NYSE:CURV - Get Free Report)'s stock price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. 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.

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

Analyst Upgrades and Downgrades

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

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Hedge Funds Weigh In On Torrid

Several large investors have recently made changes to their positions in CURV. Wells Fargo & Company MN increased its holdings in Torrid by 150.7% in the 4th quarter. Wells Fargo & Company MN now owns 9,447 shares of the company's stock valued at $49,000 after purchasing an additional 5,678 shares during the last quarter. Corebridge Financial Inc. boosted its position in shares of Torrid by 53.6% during the fourth quarter. Corebridge Financial Inc. now owns 10,052 shares of the company's stock worth $53,000 after buying an additional 3,509 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 valued at $59,000 after buying an additional 4,013 shares in the last quarter. Two Sigma Advisers LP acquired a new position in Torrid during the 4th quarter worth about $80,000. Finally, Rhumbline Advisers boosted its holdings in Torrid by 10.9% during the 4th quarter. Rhumbline Advisers now owns 17,213 shares of the company's stock valued at $90,000 after acquiring an additional 1,685 shares during the period. 81.82% of the stock is currently owned by institutional investors and hedge funds.

Torrid Stock Performance

The company has a market capitalization of $614.92 million, a price-to-earnings ratio of 39.13, a P/E/G ratio of 1.03 and a beta of 1.99. The firm has a 50-day simple moving average of $6.10 and a two-hundred day simple moving average of $4.94.

Torrid Company Profile

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.