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. Traders bought 2,948 puts on the company. This represents a 2.100% increase over the average volume of 134 puts.
Meanwhile, CFO Matthew B. Susz sold 78,627 shares in a trade on Wednesday, December 8. The stock was sold for an average price of $ 9.90, for a total value of $ 778,407.30. The sale was disclosed in a legal file with the SEC, accessible through this link. In addition, CEO Wade D. Miquelon bought 55,000 shares of the company in a transaction that took place on Tuesday, December 7th. The stock was purchased at an average price of $ 9.33 per share, for a total trade of $ 513,150.00. Disclosure of this purchase can be found here.
Several hedge funds have recently increased or reduced their holdings in JOAN. UBS Group AG increased its participation in JOANN shares by 2,122.0% in the third quarter. UBS Group AG now owns 2,222 shares of the company valued at $ 25,000 after purchasing an additional 2,122 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in JOANN shares during the 2nd quarter valued at $ 70,000. Pinz Capital Management LP purchased a new position in JOANN shares during the 2nd quarter valued at $ 117,000. Lombard Odier Asset Management USA Corp bought a new position in JOANN shares during the 3rd quarter valued at $ 123,000. Finally, the New York State Common Retirement Fund purchased a new position in JOANN shares during the second quarter valued at $ 156,000. 91.11% of the shares are currently held by institutional investors.
JOANN stock opened at $ 10.57 on Friday. The company’s 50-day simple moving average is $ 10.27 and its 200-day simple moving average is $ 12.23. The company has a current ratio of 1.38, a quick ratio of 0.18, and a debt ratio of 5.82. The company has a market capitalization of $ 435.28 million and a PE ratio of 5.08. JOANN has a one-year minimum at $ 8.51 and a one-year maximum at $ 17.50.
JOANN (NASDAQ: JOAN) last released its quarterly results on Wednesday, December 1. The company reported EPS of $ 0.73 for the quarter, beating the Zacks’ consensus estimate of $ 0.62 of $ 0.11. The company posted revenue of $ 611.00 million for the quarter, compared to analysts’ estimates of $ 620.84 million. JOANN had a net margin of 3.23% and a return on equity of 68.21%. The company’s revenue for the quarter was down 14.4% from the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $ 1.84. Research analysts predict that JOANN will post earnings per share of 1.68 for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, December 29. Shareholders of record on Wednesday, December 15 received a dividend of $ 0.10. This represents a dividend of $ 0.40 on an annualized basis and a dividend yield of 3.78%. The ex-dividend date was Tuesday, December 14. JOANN’s payout rate is 19.23%.
JOAN has been the subject of several analyst reports. Telsey Advisory Group lowered its price target on JOANN from $ 14.00 to $ 11.00 and established a “market performance” rating for the company in a research report released on Wednesday, December 1. Zacks Investment Research downgraded JOANN from a “hold” rating to a “buy” rating and set a target price of $ 12.00 for the company in a research report released on Thursday, December 9. Barclays lowered its price target on JOANN from $ 11.00 to $ 10.00 and set an “underweight” rating for the company in a research report published on Monday, December 6. Finally, Wells Fargo & Company downgraded JOANN from an “overweight” rating to an “on par” rating and lowered its target price for the company from $ 15.00 to $ 10.00 in a research report on Friday. December 3. One investment analyst gave the stock a sell rating, two assigned a conservation rating, and seven assigned a buy rating to the company. Based on data from MarketBeat.com, JOANN has a consensus rating of “Buy” and a consensus price target of $ 13.89.
JOANN Inc operates as a specialty retailer of sewing, arts and crafts products in the United States. Its products in the sewing category include cotton fabrics; warm fabrics, such as fleece and flannel fabrics; interior decoration and utility fabrics and accessories; fashion fabrics and sportswear; fabrics for special occasions; seasonally themed and licensed fabric designs; and sewing supplies including cutting tools, threads, zippers, trims, ribbons, pins, rubber bands and buttons, as well as patterns for sewing projects.
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