Torrid Holdings Inc. (NYSE:CURV – Get Rating)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $5.37, but opened at $4.85. Torrid shares last traded at $4.86, with a volume of 2,383 shares traded.
The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.02). The business had revenue of $340.88 million for the quarter, compared to analyst estimates of $338.74 million. Torrid had a negative net margin of 1.47% and a negative return on equity of 45.44%. Torrid’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period last year, the business posted $0.36 earnings per share.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on CURV shares. Robert W. Baird lowered their target price on Torrid from $9.00 to $7.00 and set an “outperform” rating on the stock in a report on Thursday, August 4th. Telsey Advisory Group lowered their target price on Torrid from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Thursday. Cowen lowered Torrid from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $11.00 to $7.00 in a report on Friday, July 15th. The Goldman Sachs Group lowered their target price on Torrid from $5.50 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, July 21st. Finally, Morgan Stanley lowered their target price on Torrid from $11.00 to $7.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 8th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $8.67.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. bought a new position in Torrid in the 2nd quarter worth approximately $46,000. Point72 Hong Kong Ltd acquired a new stake in Torrid in the 1st quarter worth $49,000. JPMorgan Chase & Co. increased its holdings in shares of Torrid by 76.7% during the 1st quarter. JPMorgan Chase & Co. now owns 8,640 shares of the company’s stock worth $52,000 after purchasing an additional 3,750 shares during the period. American International Group Inc. lifted its stake in shares of Torrid by 34.8% in the first quarter. American International Group Inc. now owns 9,147 shares of the company’s stock valued at $55,000 after buying an additional 2,362 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new stake in Torrid during the first quarter worth about $73,000. Hedge funds and other institutional investors own 85.20% of the company’s stock.
Torrid Price Performance
The firm has a 50 day moving average of $5.22 and a 200-day moving average of $5.94. The stock has a market capitalization of $499.69 million, a P/E ratio of -31.59, a price-to-earnings-growth ratio of 1.85 and a beta of -0.35.
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 and Torrid Curve 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.