Investors Buy Large Volume of Call Options on JOANN (NASDAQ:JOAN)

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JOANN Inc. (NASDAQ:JOAN) saw unusually large options trading on Wednesday. Traders bought 8,243 call options on the company. This is an increase of approximately 1,658% compared to the average daily volume of 469 call options.

In other JOANN news, CFO Matthew B. Susz sold 78,627 shares of the company’s stock in a transaction dated Wednesday, December 8th. The stock was sold at an average price of $9.90, for a total value of $778,407.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Wade D. Miquelon bought 55,000 shares of the stock in a transaction on Tuesday, December 7th. The stock was purchased at an average cost of $9.33 per share, with a total value of $513,150.00. The disclosure for this purchase can be found here.

Several institutional investors and hedge funds have recently modified their holdings of JOAN. UBS Group AG increased its position in JOANN by 2,122.0% in the third quarter. UBS Group AG now owns 2,222 shares of the company’s stock worth $25,000 after buying an additional 2,122 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in JOANN in the second quarter worth $70,000. Pinz Capital Management LP purchased a new stake in JOANN in the second quarter worth $117,000. Lombard Odier Asset Management USA Corp purchased a new position in shares of JOANN in the third quarter valued at $123,000. Finally, New York State Common Retirement Fund purchased a new position in shares of JOANN in the second quarter valued at $156,000. 94.13% of the stock is owned by institutional investors.

Several equities research analysts recently commented on JOAN shares. Telsey Advisory Group cut their target price on JOANN from $14.00 to $11.00 and set a “market perform” rating on the stock in a research report on Wednesday, December 1st. Barclays cut their target price on JOANN from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Monday, December 6th. Zacks Investment Research upgraded JOANN from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Thursday, December 9th. Finally, Wells Fargo & Company lowered JOANN from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $15.00 to $10.00 in a research report on Friday, December 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $13.89.

JOAN stock opened at $10.70 on Friday. JOANN has a twelve month low of $8.51 and a twelve month high of $17.50. The company has a quick ratio of 0.18, a current ratio of 1.38 and a debt-to-equity ratio of 5.82. The stock’s 50 day moving average is $10.21 and its 200-day moving average is $12.07. The firm has a market capitalization of $440.64 million and a PE ratio of 5.14.

JOANN (NASDAQ:JOAN) last posted its earnings results on Wednesday, December 1st. The company reported $0.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.11. JOANN had a return on equity of 68.21% and a net margin of 3.23%. The company had revenue of $611.00 million for the quarter, compared to analyst estimates of $620.84 million. During the same quarter last year, the company earned $1.84 earnings per share. The company’s revenue for the quarter was down 14.4% on a year-over-year basis. On average, equities research analysts anticipate that JOANN will post 1.68 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 29th. Investors of record on Wednesday, December 15th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Tuesday, December 14th. JOANN’s payout ratio is 19.23%.

About JOANN

JOANN Inc operates as a specialty retailer of sewing, and arts and crafts category products in the United States. Its products in sewing category include cotton fabrics; warm fabrics, such as fleece and flannel fabrics; home decorating and utility fabrics and accessories; fashion and sportswear fabrics; special occasion fabrics; seasonally themed and licensed fabric designs; and sewing supplies comprising cutting implements, threads, zippers, trims, tapes, pins, elastic, and buttons, as well as patterns for sewing projects.

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