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

JOANN Inc. (NASDAQ:JOANGet Rating) saw unusually large options trading on Thursday. Stock investors bought 2,948 put options on the company. This represents an increase of 2,100% compared to the typical volume of 134 put options.

Hedge Funds Weigh In On JOANN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOAN. Geneos Wealth Management Inc. boosted its position in JOANN by 86.7% in the first 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 in the last quarter. FinTrust Capital Advisors LLC acquired a new position in JOANN in the first quarter valued at about $52,000. Allspring Global Investments Holdings LLC acquired a new position in JOANN in the fourth quarter valued at about $55,000. First Heartland Consultants Inc. acquired a new position in JOANN in the second quarter valued at about $85,000. Finally, New York State Common Retirement Fund boosted its position in JOANN by 920.0% in the first quarter. New York State Common Retirement Fund now owns 10,200 shares of the company’s stock valued at $116,000 after buying an additional 9,200 shares in the last quarter. 95.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on JOAN. Wells Fargo & Company cut their price target on JOANN from $10.00 to $5.00 and set an “equal weight” rating for the company in a report on Friday, June 3rd. Barclays cut their price target on JOANN from $9.00 to $5.00 and set an “underweight” rating for the company in a report on Monday, June 6th. Bank of America lowered JOANN from a “buy” rating to a “neutral” rating and cut their price target for the stock from $20.00 to $8.00 in a report on Friday, June 3rd. Loop Capital lowered JOANN from a “buy” rating to a “hold” rating and cut their price target for the stock from $10.00 to $8.00 in a report on Wednesday, June 29th. Finally, Telsey Advisory Group cut their price target on JOANN from $9.00 to $8.00 and set a “market perform” rating for the company in a report on Friday, June 3rd. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat, JOANN currently has an average rating of “Hold” and a consensus price target of $6.67.

JOANN Price Performance

Shares of JOANN stock opened at $8.55 on Friday. The company has a debt-to-equity ratio of 8.10, a quick ratio of 0.16 and a current ratio of 1.52. The firm’s 50-day simple moving average is $8.04 and its 200-day simple moving average is $9.99. JOANN has a twelve month low of $6.23 and a twelve month high of $16.32. The firm has a market cap of $347.70 million, a P/E ratio of 77.73 and a beta of 1.02.

JOANN (NASDAQ:JOANGet Rating) last issued its earnings results on Thursday, June 2nd. The company reported ($0.24) earnings per share for the quarter. JOANN had a net margin of 0.28% and a return on equity of 44.49%. The business had revenue of $498.00 million for the quarter, compared to analyst estimates of $517.09 million. During the same quarter last year, the firm posted $0.45 earnings per share. JOANN’s revenue was down 13.3% on a year-over-year basis. As a group, research analysts expect that JOANN will post 0.18 EPS for the current fiscal year.

JOANN Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 24th. Stockholders of record on Friday, June 10th were given a dividend of $0.11 per share. The ex-dividend date was Thursday, June 9th. This represents a $0.44 annualized dividend and a dividend yield of 5.15%. JOANN’s dividend payout ratio (DPR) is currently 400.04%.

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.

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