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Children’s Place, Inc. shares are pulling back Monday following large gains after the company posted a second-quarter earnings beat last week.
The Details:
Children's Place shares jumped last week following the company's second-quarter earnings release. Children's Place beat earnings expectations, though quarterly sales declined, which the company attributed to cost-cutting measures, significantly improved profitability.
Additionally, stores saw a positive comparable store sales result for the first time since 2021, driven by stronger units per transaction and conversion metrics and improving traffic trends, while wholesale business rebounded with double-digit growth.
Read Next: Why Temu Parent PDD Holdings’ Stock Is Down
Though Children's Place stock is pulling back Monday, it remains up by more than 160% over the past five days. According to data from Benzinga Pro, Children's Place shares are trading well-above the stock’s 50-day moving average of $7.31 and 53.68% of shares are being sold short which may be contributing to the volatility.
How To Buy PLCE Stock:
By now you're likely curious about how to participate in the market for Children’s Place – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
PLCE Price Action: According to Benzinga Pro, Children's Place shares are down 16.2% at $12.17 at the time of publication Monday.
Read Also:
Image: Gerd Altmann from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Updates with volume, rise above moving average and short data
** Shares of apparel retailer Children's Place PLCE.Oreached a three-month high in sharply higher volume in afternoon trading Tues, with the stock last up 89% at $9.28
** Company posts Q2 adj. profit of 30 cents vs $2.12 loss a year ago
** Trading volume in the stock was last at more than 70 mln, more than 200% above the stock's 10-day MAV, based on LSEG data, and by far the most active trading day in the stock's history
** Stock also broke above its 50- and 100-day moving avgs
** Reported gross margin rise of 960 basis points to 35%, owing to lower expenses from reduced costs of cotton and supply chain
** PLCE's Q2 comparable retail sales decline 7.2%, hurt by decrease in e-commerce revenue
** Based on LSEG data, 20.4% of float is short
** Including Wednesday's move, the stock was down 59% YTD
** The median 12-mo price target on PLCE IS $12, according to LSEG, unchanged over the past three months
** Option trading in PLCE currently stands at 4,349 contracts, or 45x the daily average, with calls outpacing puts nearly 3 to 1 according to Joe Mazzola, head trading & derivatives strategist at Charles Schwab
(Reporting by Savyata Mishra and Neil J Kanatt in Bengaluru, additional reporting by Caroline Valetkevitch in New York)
(( Savyata.Mishra@thomsonreuters.com ))
Keywords: (UPDATE 2)
Children’s Place, Inc. shares are soaring Wednesday after the company posted a second-quarter earnings beat before the opening bell.
The Details:
Children’s Place reported quarterly earnings of 30 cents per share which beat the analyst consensus estimate of losses of $1.10 per share.
The company reported quarterly sales of $319.655 million, below the consensus estimate of $327.38 million. Children's Place said the decrease in net sales was primarily driven by an anticipated decrease in ecommerce revenue, as the company proactively rationalized its unprofitable promotional strategies, inflated marketing spend and “free shipping” offers to significantly improve profitability.
The company said the cost-cutting measures improved the profitability of its ecommerce business and also benefited its brick-and-mortar channel.
Stores experienced a positive comparable store sales result for the first time since 2021, driven by stronger units per transaction and conversion metrics, and improving traffic trends. Wholesale business also rebounded with double-digit growth after a decline in the first quarter.
Read Next: What’s Going On With Palantir Stock?
“During the second quarter we proactively made certain strategic and operational changes to improve the profitability of the business and provide a foundation for future growth and we were pleased with the results. While we anticipated that these efforts would provide pressure to topline sales, we drove significant improvements in gross profit margin versus the prior year’s second quarter and sequential improvement in margin for two quarters, which is particularly important moving from the first quarter to the second quarter," said Muhammad Umair, President and Interim CEO.
Children's Place shares are moving higher on heavy trading volume following the print. Trading was halted for volatility just after the opening bell, and more than 22 million shares have already changed hands in Wednesday's session, according to the latest data from Benzinga Pro.
PLCE Price Action: According to Benzinga Pro, Children's Place shares are up 88.6% at $9.24 at the time of publication Wednesday.
Read Also:
Image: Michal Jarmoluk from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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