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

JOANN Inc. (NASDAQ:JOAN) was the recipient of unusually large options trading on Thursday. Stock traders bought 2,948 put options on the company. This represents an increase of approximately 2,100% compared to the typical daily volume of 134 put options.

Insider Buying and Selling

In related news, Director Marybeth Hays purchased 22,300 shares of the stock in a transaction on Friday, June 9th. The shares were bought at an average price of $1.13 per share, for a total transaction of $25,199.00. Following the completion of the acquisition, the director now directly owns 44,664 shares in the company, valued at approximately $50,470.32. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 73.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On JOANN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JOAN. UBS Group AG lifted its holdings in shares of JOANN by 141.5% during the 2nd quarter. UBS Group AG now owns 3,383 shares of the company’s stock valued at $26,000 after purchasing an additional 1,982 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in 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 acquiring an additional 1,300 shares in the last quarter. BNP Paribas Arbitrage SNC bought a new stake in JOANN in the 3rd quarter valued at approximately $33,000. JPMorgan Chase & Co. lifted its stake in JOANN by 153.4% in the 4th quarter. JPMorgan Chase & Co. now owns 14,962 shares of the company’s stock valued at $43,000 after acquiring an additional 9,058 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in JOANN in the 4th quarter valued at approximately $64,000.

JOANN Stock Up 1.9 %

Shares of JOAN stock opened at $1.05 on Friday. The stock has a 50-day moving average price of $1.11 and a 200 day moving average price of $1.69. The firm has a market cap of $43.23 million, a price-to-earnings ratio of -0.18 and a beta of 0.87. JOANN has a 12 month low of $0.79 and a 12 month high of $9.03.

JOANN (NASDAQ:JOAN) last issued its earnings results on Monday, June 5th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.38). JOANN had a negative return on equity of 99.95% and a negative net margin of 10.79%. The company had revenue of $478.10 million for the quarter, compared to the consensus estimate of $483.60 million. During the same quarter last year, the business posted ($0.24) EPS. Sell-side analysts predict that JOANN will post -2.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Piper Sandler cut their price objective on JOANN from $3.50 to $1.50 in a report on Tuesday, June 6th. Telsey Advisory Group cut their price objective on JOANN from $2.00 to $1.50 and set a “market perform” rating for the company in a report on Friday, August 25th. Finally, Loop Capital lowered their target price on JOANN from $2.00 to $1.00 and set a “hold” rating for the company in a research note on Tuesday.

JOANN Company Profile

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.