Traders Purchase High Volume of Put Options on JOANN (NASDAQ:JOAN)

JOANN Inc. (NASDAQ:JOAN) saw some unusual options trading on Thursday. Investors bought 2,948 put options on the company. This is an increase of 2,100% compared to the typical volume of 134 put options.

JOANN Stock Performance

Shares of JOANN stock opened at $0.09 on Friday. The firm has a market cap of $3.68 million, a PE ratio of -0.02 and a beta of 0.99. JOANN has a 12 month low of $0.08 and a 12 month high of $2.19. The stock has a 50 day moving average of $0.31 and a 200 day moving average of $0.48.

Hedge Funds Weigh In On JOANN

Institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. purchased a new position in shares of JOANN in the 1st quarter worth approximately $155,000. Morgan Stanley lifted its stake in shares of JOANN by 8.8% during the 4th quarter. Morgan Stanley now owns 49,700 shares of the company’s stock worth $142,000 after acquiring an additional 4,008 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of JOANN by 50.3% during the 2nd quarter. Rhumbline Advisers now owns 16,061 shares of the company’s stock worth $124,000 after acquiring an additional 5,376 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of JOANN during the 2nd quarter worth approximately $103,000. Finally, Principal Financial Group Inc. bought a new stake in shares of JOANN during the 2nd quarter worth approximately $91,000. Hedge funds and other institutional investors own 72.10% of the company’s stock.

About JOANN

JOANN Inc operates as a specialty retailer of sewing and fabrics, and arts and crafts category products in the United States. The company 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; pillow forms; stuffing, batting, and foams; 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.