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

Torrid Holdings Inc. (NYSE:CURV)’s share price gapped up before the market opened 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 traded.

The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. The firm had revenue of $275.60 million during 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 company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the company earned ($0.04) earnings per share.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Torrid

A number of hedge funds and other institutional investors have recently modified their holdings of CURV. Wells Fargo & Company MN grew its holdings in shares of Torrid by 150.7% in the 4th quarter. Wells Fargo & Company MN now owns 9,447 shares of the company’s stock worth $49,000 after acquiring an additional 5,678 shares during the period. Corebridge Financial Inc. boosted its position in 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 purchasing an additional 3,509 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in 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 purchasing an additional 4,013 shares during the last quarter. Barclays PLC increased its position in shares of Torrid by 354.5% in the third quarter. Barclays PLC now owns 17,416 shares of the company’s stock valued at $69,000 after buying an additional 13,584 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new position in shares of Torrid during the 4th quarter worth $80,000. 81.82% of the stock is currently owned by institutional investors and hedge funds.

Torrid Stock Performance

The firm has a market capitalization of $603.09 million, a PE ratio of 38.38, a price-to-earnings-growth ratio of 1.03 and a beta of 1.99. The firm’s 50-day moving average is $6.10 and its 200 day moving average is $4.95.

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.