JOANN (NASDAQ:JOAN) Raised to Hold at Zacks Investment Research

JOANN (NASDAQ:JOANGet Rating) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “JOANN Inc. involved in the sewing and fabrics industry. It serves as a convenient single source for all of the supplies, guidance and inspiration needed to achieve any project or passion. JOANN Inc. is based in HUDSON, Ohio. “

Other equities research analysts have also recently issued research reports about the company. Loop Capital increased their price target on JOANN from $13.00 to $15.00 in a research note on Friday, March 18th. Piper Sandler cut JOANN from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $12.00 to $11.00 in a research note on Friday, March 18th. Barclays decreased their target price on JOANN from $10.00 to $9.00 and set an “underweight” rating for the company in a research note on Monday, March 21st. Finally, Guggenheim cut JOANN from a “buy” rating to a “neutral” rating in a research note on Monday, March 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $13.14.

Shares of JOAN stock opened at $8.87 on Wednesday. The company has a quick ratio of 0.11, a current ratio of 1.25 and a debt-to-equity ratio of 5.20. The company has a market cap of $360.72 million, a P/E ratio of 6.57 and a beta of 1.19. JOANN has a twelve month low of $8.41 and a twelve month high of $17.50. The business has a fifty day simple moving average of $11.03 and a 200 day simple moving average of $10.74.

JOANN (NASDAQ:JOANGet Rating) last posted its earnings results on Thursday, March 17th. The company reported $1.15 EPS for the quarter, beating the consensus estimate of $0.88 by $0.27. The firm had revenue of $735.30 million during the quarter, compared to the consensus estimate of $752.33 million. JOANN had a return on equity of 62.50% and a net margin of 2.35%. JOANN’s quarterly revenue was down 12.5% compared to the same quarter last year. As a group, equities research analysts anticipate that JOANN will post 1.01 earnings per share for the current fiscal year.

In other JOANN news, Director Darrell Webb sold 94,568 shares of the stock in a transaction that occurred on Tuesday, March 29th. The stock was sold at an average price of $12.50, for a total value of $1,182,100.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 97,575 shares of company stock worth $1,218,014. Corporate insiders own 71.10% of the company’s stock.

Large investors have recently made changes to their positions in the business. Royce & Associates LP lifted its holdings in shares of JOANN by 117.3% in the first quarter. Royce & Associates LP now owns 1,718,356 shares of the company’s stock valued at $19,606,000 after purchasing an additional 927,506 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of JOANN by 13.4% in the third quarter. Capital Research Global Investors now owns 2,729,250 shares of the company’s stock valued at $30,404,000 after purchasing an additional 323,517 shares in the last quarter. Crawford Investment Counsel Inc. bought a new position in shares of JOANN in the first quarter valued at approximately $3,506,000. Alden Global Capital LLC bought a new position in shares of JOANN in the fourth quarter valued at approximately $3,069,000. Finally, Invenomic Capital Management LP lifted its holdings in shares of JOANN by 242.1% in the fourth quarter. Invenomic Capital Management LP now owns 351,502 shares of the company’s stock valued at $3,648,000 after purchasing an additional 248,750 shares in the last quarter. Institutional investors and hedge funds own 95.63% of the company’s stock.

JOANN Company Profile (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.

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