First Foundation Advisors Increases Position in The Joint Corp. (NASDAQ:JYNT)

First Foundation Advisors increased its stake in The Joint Corp. (NASDAQ:JYNT) by 21.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 157,904 shares of the company’s stock after purchasing an additional 27,444 shares during the quarter. First Foundation Advisors owned 1.03% of Joint worth $1,972,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its holdings in Joint by 9.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,204 shares of the company’s stock valued at $385,000 after acquiring an additional 3,029 shares in the last quarter. Geode Capital Management LLC increased its holdings in Joint by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 293,133 shares of the company’s stock valued at $3,116,000 after acquiring an additional 1,552 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Joint by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 5,088 shares of the company’s stock valued at $54,000 after acquiring an additional 1,735 shares in the last quarter. Barclays PLC increased its holdings in Joint by 6.9% during the 4th quarter. Barclays PLC now owns 27,380 shares of the company’s stock valued at $291,000 after acquiring an additional 1,771 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Joint by 4.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 216,254 shares of the company’s stock valued at $2,299,000 after acquiring an additional 10,074 shares in the last quarter. Hedge funds and other institutional investors own 76.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital dropped their target price on shares of Joint from $20.00 to $16.00 and set a “buy” rating for the company in a report on Friday, May 9th.

Joint Price Performance

Joint stock opened at $11.70 on Wednesday. The Joint Corp. has a 12-month low of $9.58 and a 12-month high of $14.87. The stock has a market capitalization of $179.01 million, a P/E ratio of -20.17 and a beta of 1.49. The firm’s 50-day moving average is $11.33 and its two-hundred day moving average is $11.09.

Joint (NASDAQ:JYNT) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Joint had a positive return on equity of 1.60% and a negative net margin of 9.86%. The firm had revenue of $13.08 million for the quarter, compared to analyst estimates of $13.02 million. As a group, analysts forecast that The Joint Corp. will post 0.11 EPS for the current year.

Joint announced that its board has initiated a stock buyback program on Thursday, June 5th that permits the company to buyback $5.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

About Joint

The Joint Corp. operates and franchises chiropractic clinics in the United States. The company operates in two segments, Corporate Clinics and Franchise Operations. The Joint Corp. was incorporated in 2010 and is headquartered in Scottsdale, Arizona.