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

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

JOANN Price Performance

JOANN stock opened at $3.49 on Friday. JOANN has a 52 week low of $2.46 and a 52 week high of $13.55. The business has a 50-day simple moving average of $4.12 and a 200 day simple moving average of $6.34. The company has a quick ratio of 0.19, a current ratio of 1.52 and a debt-to-equity ratio of 24.54. The stock has a market cap of $142.35 million, a price-to-earnings ratio of -1.49 and a beta of 1.08.

Hedge Funds Weigh In On JOANN

A number of hedge funds and other institutional investors have recently modified their holdings of JOAN. Crawford Investment Counsel Inc. lifted its stake in shares of JOANN by 30.8% in the 2nd quarter. Crawford Investment Counsel Inc. now owns 401,872 shares of the company’s stock valued at $3,115,000 after acquiring an additional 94,640 shares during the last quarter. First Heartland Consultants Inc. bought a new position in JOANN during the 2nd quarter valued at approximately $85,000. Principal Financial Group Inc. bought a new position in shares of JOANN in the 2nd quarter worth approximately $91,000. Royce & Associates LP raised its position in shares of JOANN by 55.4% in the 2nd quarter. Royce & Associates LP now owns 2,670,216 shares of the company’s stock worth $20,694,000 after acquiring an additional 951,860 shares in the last quarter. Finally, Delphia USA Inc. purchased a new stake in shares of JOANN in the 1st quarter worth approximately $276,000. 91.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on JOAN shares. Loop Capital cut their price target on shares of JOANN from $7.00 to $4.00 in a research report on Tuesday, December 13th. Telsey Advisory Group reduced their target price on JOANN from $8.00 to $6.00 and set a “market perform” rating for the company in a research note on Friday, December 9th. Barclays dropped their price target on JOANN from $5.00 to $3.00 in a research note on Wednesday, December 14th. Finally, Wells Fargo & Company dropped their price target on JOANN from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 5th. Two equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $5.00.

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.