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Insiders are snapping up a solid amount of shares in
Charming Shoppes(CHRS), a multi-brand, specialty apparel retailer with a market share in women's plus-size specialty apparel. Insiders are buying into strength since shares of Charming Shoppes are up over 11% so far in 2012.
Charming Shoppes has a market cap of $631 million and an enterprise value of $614 million. This stock trades at a reasonable valuation, with a price-to-sales of 0.31 and a price-to-book of 1.47. This is barley a cash-rich company, since the total cash position on its balance sheet is $157.75 million and its total debt is $143.08 million.
A beneficial owner just
bought 291,900 shares, or $1.52 million worth of stock, aT $5.20 to $5.22 per share.
From a technical perspective, CHRS is currently trading above both its 50-day and 200-day moving averages, which is bullish. This stock recently triggered a big
breakout trade once it moved above some near-term overhead resistance at $5 to $5.07 a share. Since triggering that breakout, the stock has run up towards its current price of just over $5.50 a share.
If you're bullish on CHRS, I would continue to look for long-biased trades as long as the stock continues to tend above those recent breakout levels, and its 50-day moving average of $4.99 a share. As long as those levels can hold, then this stock has a great chance of re-test its next significant overhead resistance levels at $6 to $6.91 a share in the very near future.
One big bet on Charming Shoppes comes from
Leon Cooperman's Omega Advisors, which increased its position in the stock by 47% in the fourth quarter, to 12.1 million shares.