Stock traders buy high volume of JOANN put options (NASDAQ: JOAN)


JOANN Inc. (NASDAQ:JOAN – Get Rating) saw some unusual options trading on Thursday. Stock traders bought 2,948 put options on the company. This represents a 2,100% increase from the typical volume of 134 put options.

Analysts set new price targets

JOAN has been the subject of a number of research analyst reports. Wells Fargo & Company reduced its price target on JOANN from $10.00 to $5.00 and set an “equal weight” rating for the company in a Friday, June 3 research note. Piper Sandler lowered her price target on JOANN from $11.00 to $6.00 and set a “neutral” rating for the company in a Monday June 6 research note. Bank of America downgraded JOANN from a “buy” to a “neutral” rating and lowered its price target for the stock from $20.00 to $8.00 in a Friday, June 3 research note . Telsey Advisory Group reduced its price target on JOANN from $9.00 to $8.00 and set a “market performance” rating for the company in a research note on Friday, June 3. Finally, Barclays reduced its price target on JOANN from $9.00 to $5.00 and set an “underweight” rating for the company in a Monday June 6 research note. One research analyst rated the stock with a sell rating and six issued a hold rating for the stock. According to data from MarketBeat, JOANN has a consensus rating of “Hold” and a consensus target price of $6.67.

JOANN Awards Performance

NASDAQ JOAN shares opened at $8.55 on Friday. The company has a market capitalization of $347.70 million, a PE ratio of 77.73 and a beta of 1.02. The company has a fifty-day moving average of $8.04 and a 200-day moving average of $9.99. The company has a debt ratio of 8.10, a quick ratio of 0.16 and a current ratio of 1.52. JOANN has a one-year low of $6.23 and a one-year high of $16.32.

JOANN (NASDAQ:JOAN – Get Rating) last released its results on Thursday, June 2. The company reported ($0.24) earnings per share (EPS) for the quarter. JOANN had a return on equity of 44.49% and a net margin of 0.28%. The company posted revenue of $498.00 million for the quarter, compared to $517.09 million expected by analysts. During the same period of the previous year, the company achieved EPS of $0.45. JOANN’s quarterly revenues decreased by 13.3% compared to the same quarter last year. As a group, research analysts predict that JOANN will post an EPS of 0.18 for the current financial year.

JOANN announces dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 24. Shareholders of record on Friday, June 10 received a dividend of $0.11 per share. This represents a dividend of $0.44 on an annualized basis and a dividend yield of 5.15%. The ex-dividend date was Thursday, June 9. JOANN’s payout ratio is 400.04%.

Institutional investors weigh in on JOANN

A number of large investors have recently changed their holdings in JOAN. JW Cole Advisors Inc. purchased a new equity stake in JOANN during the fourth quarter for $131,000. Brown Advisory Inc. increased its position in JOANN shares by 0.6% during the 4th quarter. Brown Advisory Inc. now owns 395,469 shares of the company valued at $4,105,000 after acquiring 2,267 additional shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in JOANN stock during Q4 valued at approximately $55,000. Oppenheimer & Co. Inc. increased its position in JOANN by 5.7% in the fourth quarter. Oppenheimer & Co. Inc. now owns 77,162 shares of the company valued at $801,000 after purchasing an additional 4,150 shares in the last quarter. Finally, Royce & Associates LP increased its position in JOANN by 298.5% in the fourth quarter. Royce & Associates LP now owns 790,850 shares of the company valued at $8,209,000 after purchasing an additional 592,409 shares in the last quarter. Hedge funds and other institutional investors own 95.63% of the company’s shares.

JOANN company profile

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JOANN Inc operates as a specialty retailer of sewing and fabric products, and arts and crafts products in the United States. Its products in the sewing category include cotton fabrics; warm fabrics, such as fleeces and flannels; home decor and utility fabrics and accessories; fashion fabrics and sportswear; fabrics for special occasions; seasonal and licensed themed fabric designs; and sewing construction supplies including cutting tools, threads, zippers, trimmings, ribbons, pins, elastics and buttons, and patterns for sewing projects.

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