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

Posted by ABMN Staff on May 26th, 2023

JOANN Inc. (NASDAQ:JOAN – Get Rating) saw some unusual options trading activity on Thursday. Stock investors purchased 2,948 put options on the stock. This is an increase of 2,100% compared to the typical daily volume of 134 put options.

Insider Activity at JOANN

In other news, CFO Scott Sekella purchased 27,700 shares of the firm’s stock in a transaction on Friday, April 14th. The stock was acquired at an average cost of $1.59 per share, with a total value of $44,043.00. Following the completion of the transaction, the chief financial officer now owns 78,754 shares in the company, valued at approximately $125,218.86. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 73.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. boosted its stake in shares of JOANN by 86.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,800 shares of the company’s stock valued at $31,000 after buying an additional 1,300 shares during the period. UBS Group AG lifted its holdings in JOANN by 141.5% during the 2nd quarter. UBS Group AG now owns 3,383 shares of the company’s stock worth $26,000 after buying an additional 1,982 shares during the last quarter. BNP Paribas Arbitrage SNC acquired a new position in shares of JOANN during the 3rd quarter worth about $33,000. Rhumbline Advisers acquired a new stake in shares of JOANN during the 1st quarter worth about $122,000. Finally, Principal Financial Group Inc. acquired a new stake in shares of JOANN during the 2nd quarter worth about $91,000. Hedge funds and other institutional investors own 91.23% of the company’s stock.

Analyst Ratings Changes

JOAN has been the subject of several recent research reports. Telsey Advisory Group reissued a “market perform” rating and set a $2.50 target price on shares of JOANN in a report on Friday, March 24th. Bank of America decreased their price objective on JOANN from $3.50 to $1.00 and set an “underperform” rating for the company in a report on Monday, March 27th. Loop Capital dropped their target price on JOANN from $4.00 to $2.00 in a report on Friday, March 24th. Finally, Wells Fargo & Company decreased their price target on JOANN from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Friday, March 24th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat.com, JOANN presently has a consensus rating of “Hold” and an average price target of $2.75.

JOANN Trading Down 4.8 %

JOAN opened at $1.58 on Friday. The stock has a market capitalization of $64.99 million, a PE ratio of -0.32 and a beta of 1.13. JOANN has a one year low of $1.42 and a one year high of $11.55. The company has a debt-to-equity ratio of 24.54, a quick ratio of 0.12 and a current ratio of 1.28. The business’s 50 day moving average price is $1.74 and its 200 day moving average price is $3.14.

JOANN (NASDAQ:JOAN – Get Rating) last posted its earnings results on Thursday, March 23rd. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.28). JOANN had a negative net margin of 9.05% and a negative return on equity of 99.95%. The company had revenue of $692.80 million during the quarter, compared to analyst estimates of $675.50 million. As a group, equities research analysts expect that JOANN will post -1.48 EPS for the current year.

About JOANN

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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.