Torrid (NYSE:CURV) Shares Gap Up After Earnings Beat

Torrid Holdings Inc. (NYSE:CURV) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $6.14, but opened at $6.99. Torrid shares last traded at $6.99, with a volume of 54,154 shares trading hands.

The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Torrid had a net margin of 1.05% and a negative return on equity of 5.79%. The business had revenue of $284.60 million during the quarter, compared to the consensus estimate of $282.87 million. During the same quarter in the prior year, the firm earned $0.06 EPS. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

CURV has been the subject of several recent analyst reports. Morgan Stanley cut shares of Torrid from an “equal weight” rating to an “underweight” rating and set a $5.00 target price for the company. in a research report on Thursday, July 18th. Telsey Advisory Group restated a “market perform” rating and issued a $8.00 target price on shares of Torrid in a research report on Wednesday. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Torrid has a consensus rating of “Hold” and an average target price of $4.96.

Institutional Trading of Torrid

Several large investors have recently modified their holdings of CURV. Fund 1 Investments LLC boosted its holdings in Torrid by 493.6% in the 4th quarter. Fund 1 Investments LLC now owns 200,641 shares of the company’s stock valued at $1,158,000 after purchasing an additional 166,841 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in Torrid by 145.5% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 85,162 shares of the company’s stock valued at $416,000 after purchasing an additional 50,466 shares during the period. Ritholtz Wealth Management boosted its holdings in Torrid by 161.0% in the 2nd quarter. Ritholtz Wealth Management now owns 38,180 shares of the company’s stock valued at $286,000 after purchasing an additional 23,553 shares during the period. Finally, Great Lakes Advisors LLC bought a new stake in Torrid in the 4th quarter valued at $93,000. 81.82% of the stock is owned by institutional investors.

Torrid Trading Down 5.4 %

The business’s fifty day simple moving average is $7.49 and its two-hundred day simple moving average is $6.06. The stock has a market capitalization of $660.54 million, a P/E ratio of 57.55 and a beta of 2.05.

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.