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

Torrid Holdings Inc. (NYSE:CURV) gapped up before the market opened 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 trading hands.

The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.04. Torrid had a net margin of 1.35% and a negative return on equity of 7.68%. The company had revenue of $275.60 million for the quarter, compared to analysts’ expectations of $263.34 million. During the same quarter in the previous year, the company earned ($0.04) earnings per share. Torrid’s quarterly revenue was down 6.1% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CURV shares. Bank of America assumed coverage on shares of Torrid in a report on Friday, December 6th. They issued a “buy” rating and a $5.00 price objective on the stock. Morgan Stanley increased their price objective on shares of Torrid from $3.00 to $4.00 and gave the company an “underweight” rating in a research report on Tuesday, January 21st. Telsey Advisory Group increased their price objective on shares of Torrid from $5.00 to $6.00 and gave the company a “market perform” rating in a research report on Friday. Finally, The Goldman Sachs Group upped their target price on shares of 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 given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $5.00.

Hedge Funds Weigh In On Torrid

Institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN grew its stake in Torrid by 150.7% during the fourth quarter. Wells Fargo & Company MN now owns 9,447 shares of the company’s stock valued at $49,000 after acquiring an additional 5,678 shares in the last quarter. Corebridge Financial Inc. lifted its holdings in shares of Torrid by 53.6% in the 4th quarter. Corebridge Financial Inc. now owns 10,052 shares of the company’s stock worth $53,000 after acquiring an additional 3,509 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Torrid by 55.9% in the 4th 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 last quarter. Two Sigma Advisers LP bought a new stake in Torrid during the 4th quarter valued at about $80,000. Finally, Rhumbline Advisers lifted 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 buying an additional 1,685 shares in the last quarter. 81.82% of the stock is owned by hedge funds and other institutional investors.

Torrid Trading Up 4.1 %

The business’s 50-day simple moving average is $6.10 and its 200 day simple moving average is $4.96. The firm has a market cap of $603.09 million, a PE ratio of 38.38, a P/E/G ratio of 1.03 and a beta of 1.99.

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.