Children’s Place Stock Rises After New Brick-And-Mortar Store Launch: Retail Upbeat
By Stocktwits Inc | First Published Nov 22, 2024, 3:23 PM ISTRetail sentiment on the stock improved to ‘extremely bullish’ from ‘bearish.’
Children’s Place Inc. ($PLCE) stock was up nearly 10% on Thursday after the specialty retailer focused on children, announced a new brick-and-mortar store in the New Jersey state, ahead of the holiday shopping season and its third quarter results, lifting retail sentiment.
The new ‘Gymboree’ store, located at the Garden State Plaza in Paramus, N.J. signals a “new era of growth and innovation,” said the company, adding it aims to blend curated collections of premium children’s apparel and accessories.
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“This is more than a store launch; it’s the beginning of a bright new chapter for Gymboree,” Claudia Lima-Guinehut, Brand President for Children's Place, said in a statement.
Retail sentiment on the stock was extremely bullish (83/100), an improvement from the ‘bearish’ mood (34/100) a week ago. Message volumes climbed to ‘extremely high’ levels.
Children’s Place third-quarter earnings are expected on Nov 27. Wall Street analysts expect earnings per share (EPS) to come in at $2.43 on estimated revenues of $423.41 million.
Many Stockwits users are bullish on the stock with some noting considerable volatility in the stock price.
On Thursday, UBS lowered the price target for Children’s Place stock to $17 from $18, and kept a ‘Neutral’ rating on its shares, The Fly reported. The firm reportedly said it “sees more downside risk than upside going into the Q3 report.”
Children’s Place operates as a global retail and wholesale network that includes two digital storefronts, more than 500 stores in North America, and other wholesale marketplaces. It distributes in 15 countries through five international franchise partners.
Its brands include The Children’s Place, Gymboree, Sugar & Jade, and PJ Place.
Children’s Place stock is down 29% year-to-date.
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