JOANN Target of Unusually Large Options Trading (NASDAQ:JOAN)

This post was originally published on this site

JOANN Inc. (NASDAQ:JOANGet Rating) saw some unusual options trading on Wednesday. Traders acquired 8,243 call options on the stock. This represents an increase of 1,658% compared to the typical daily volume of 469 call options.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. boosted its holdings in JOANN by 86.7% during the first quarter. Geneos Wealth Management Inc. now owns 2,800 shares of the company’s stock valued at $31,000 after purchasing an additional 1,300 shares in the last quarter. Brown Advisory Inc. boosted its holdings in JOANN by 0.6% during the fourth quarter. Brown Advisory Inc. now owns 395,469 shares of the company’s stock valued at $4,105,000 after purchasing an additional 2,267 shares in the last quarter. First Trust Advisors LP boosted its holdings in JOANN by 14.1% during the fourth quarter. First Trust Advisors LP now owns 18,465 shares of the company’s stock valued at $192,000 after purchasing an additional 2,281 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in JOANN by 4.7% during the first quarter. SummerHaven Investment Management LLC now owns 55,932 shares of the company’s stock valued at $638,000 after purchasing an additional 2,490 shares in the last quarter. Finally, State Street Corp boosted its holdings in JOANN by 1.9% during the first quarter. State Street Corp now owns 210,672 shares of the company’s stock valued at $2,427,000 after purchasing an additional 3,843 shares in the last quarter. 95.63% of the stock is currently owned by institutional investors.

JOAN stock opened at $8.19 on Thursday. JOANN has a twelve month low of $6.23 and a twelve month high of $16.65. The company has a market cap of $333.06 million, a PE ratio of 74.46 and a beta of 1.02. The business’s 50-day simple moving average is $8.23 and its 200 day simple moving average is $10.08. The company has a quick ratio of 0.16, a current ratio of 1.52 and a debt-to-equity ratio of 8.10.

JOANN (NASDAQ:JOANGet Rating) last released its earnings results on Thursday, June 2nd. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.29). The firm had revenue of $498.00 million for the quarter, compared to analyst estimates of $517.09 million. JOANN had a return on equity of 44.49% and a net margin of 0.28%. The firm’s quarterly revenue was down 13.3% compared to the same quarter last year. During the same period last year, the business earned $0.45 earnings per share. On average, equities research analysts anticipate that JOANN will post 0.18 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Friday, June 10th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 5.37%. The ex-dividend date of this dividend was Thursday, June 9th. JOANN’s payout ratio is 400.04%.

A number of research firms have recently commented on JOAN. Piper Sandler dropped their price objective on JOANN from $11.00 to $6.00 and set a “neutral” rating on the stock in a research note on Monday, June 6th. Guggenheim lowered JOANN from a “buy” rating to a “neutral” rating in a research note on Monday, March 21st. Telsey Advisory Group dropped their price objective on JOANN from $9.00 to $8.00 and set a “market perform” rating on the stock in a research note on Friday, June 3rd. Loop Capital lowered JOANN from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $10.00 to $8.00 in a research note on Wednesday, June 29th. Finally, Wells Fargo & Company dropped their price objective on JOANN from $10.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Friday, June 3rd. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $6.67.

About JOANN (Get Rating)

JOANN Inc operates as a specialty retailer of sewing and fabrics, 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 construction supplies comprising cutting implements, threads, zippers, trims, tapes, pins, elastic, and buttons, as well as patterns for sewing projects.

Read More

Receive News & Ratings for JOANN Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for JOANN and related companies with MarketBeat.com’s FREE daily email newsletter.