JOANN Sees Unusually High Options Volume (NASDAQ:JOAN)

JOANN Inc. (NASDAQ:JOANGet Free Report) was the recipient of some unusual options trading on Wednesday. Stock traders purchased 8,243 call options on the company. This represents an increase of approximately 1,658% compared to the average volume of 469 call options.

Insider Buying and Selling at JOANN

In other JOANN news, Director Marybeth Hays bought 22,300 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were purchased at an average price of $1.13 per share, for a total transaction of $25,199.00. Following the completion of the transaction, the director now directly owns 44,664 shares in the company, valued at approximately $50,470.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 73.40% of the company’s stock.

Hedge Funds Weigh In On JOANN

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. lifted its stake in shares of JOANN by 86.7% in the first quarter. Geneos Wealth Management Inc. now owns 2,800 shares of the company’s stock worth $31,000 after acquiring an additional 1,300 shares during the period. UBS Group AG increased its holdings in JOANN by 141.5% in the second quarter. UBS Group AG now owns 3,383 shares of the company’s stock worth $26,000 after purchasing an additional 1,982 shares in the last quarter. BNP Paribas Arbitrage SNC bought a new stake in JOANN in the third quarter worth approximately $33,000. Rhumbline Advisers bought a new stake in JOANN in the first quarter worth approximately $122,000. Finally, Principal Financial Group Inc. bought a new stake in JOANN in the second quarter worth approximately $91,000.

JOANN Price Performance

JOANN stock opened at $1.00 on Thursday. The stock’s 50 day moving average is $1.12 and its 200 day moving average is $1.60. The firm has a market cap of $41.91 million, a P/E ratio of -0.17 and a beta of 0.86. JOANN has a one year low of $0.79 and a one year high of $9.03.

JOANN (NASDAQ:JOANGet Free Report) last posted its quarterly earnings data on Monday, June 5th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.38). The company had revenue of $478.10 million during the quarter, compared to analyst estimates of $483.60 million. JOANN had a negative return on equity of 99.95% and a negative net margin of 10.79%. During the same period in the prior year, the firm earned ($0.24) earnings per share. Equities analysts anticipate that JOANN will post -2.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

JOAN has been the topic of a number of recent research reports. Loop Capital cut their price target on JOANN from $2.00 to $1.00 and set a “hold” rating on the stock in a research note on Tuesday, August 29th. Piper Sandler cut their price target on JOANN from $3.50 to $1.50 in a research note on Tuesday, June 6th. Finally, Telsey Advisory Group cut their price target on JOANN from $2.00 to $1.50 and set a “market perform” rating on the stock in a research note on Friday, August 25th.

Check Out Our Latest Research Report on JOAN

JOANN Company Profile

(Get Free Report)

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.

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