Stock traders buy large volume of JOANN call options (NASDAQ: JOAN)

JOANN Inc. (NASDAQ:JOAN) was the recipient of some unusual options trades on Wednesday. Equity investors acquired 8,243 call options on the company. This represents an increase of approximately 1,658% from the typical daily volume of 469 call options.

Separately, Chief Financial Officer Matthew B. Susz sold 78,627 shares of the company in a transaction that took place on Wednesday, December 8. The stock was sold at an average price of $9.90, for a total transaction of $778,407.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, director Darrell Webb sold 150,000 shares of the company in a trade that took place on Tuesday, December 7. The stock was sold at an average price of $8.75, for a total value of $1,312,500.00. The disclosure of this sale can be found here.

A number of hedge funds have recently changed their holdings of JOAN. Qube Research & Technologies Ltd increased its stake in JOANN shares by 9.8% during the 2nd quarter. Qube Research & Technologies Ltd now owns 16,146 shares in the company worth $254,000 after buying an additional 1,446 shares in the last quarter. UBS Group AG increased its shareholding in JOANN by 2,122.0% during the third quarter. UBS Group AG now owns 2,222 shares of the company worth $25,000 after purchasing an additional 2,122 shares in the last quarter. Brown Advisory Inc. increased its stake in JOANN shares by 0.6% during the 4th quarter. Brown Advisory Inc. now owns 395,469 shares of the company worth $4,105,000 after purchasing an additional 2,267 shares in the last quarter. First Trust Advisors LP increased its stake in JOANN shares by 14.1% during the 4th quarter. First Trust Advisors LP now owns 18,465 shares of the company worth $192,000 after buying 2,281 additional shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its equity stake in JOANN by 5.7% during the 4th quarter. Oppenheimer & Co. Inc. now owns 77,162 shares of the company worth $801,000 after buying 4,150 additional shares in the last quarter. Hedge funds and other institutional investors own 94.13% of the company’s shares.

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JOAN has been the subject of several recent analyst reports. Telsey Advisory Group reduced its price target on JOANN shares from $14.00 to $11.00 and set a “market performance” rating on the stock in a Wednesday, Dec. 1 research note. Zacks Investment Research moved JOANN shares from a “strong buy” rating to a “hold” rating in a Wednesday, February 2, report. Wells Fargo & Company cut JOANN shares from an “overweight” rating to an “equal weight” rating and reduced its target price for the company from $15.00 to $10.00 in a Friday research note December 3. Finally, Barclays lowered its price target on JOANN shares from $11.00 to $10.00 and set an “underweight” rating for the company in a Monday, Dec. 6 research report. One investment analyst has assigned the stock a sell rating, three have issued a hold rating and six have assigned the company a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $13.89.

NASDAQ JOAN shares opened at $12.48 on Thursday. JOANN has a 12-month low of $8.51 and a 12-month high of $17.50. The company has a quick ratio of 0.18, a current ratio of 1.38 and a debt ratio of 5.82. The company’s fifty-day moving average is $10.32 and its 200-day moving average is $11.44. The stock has a market capitalization of $513.94 million and a price/earnings ratio of 6.00.

JOANN (NASDAQ:JOAN) last released its quarterly earnings data on Wednesday, December 1. The company reported EPS of $0.73 for the quarter, beating analyst consensus estimates of $0.62 by $0.11. JOANN had a net margin of 3.23% and a return on equity of 68.21%. The company posted revenue of $611.00 million for the quarter, versus analyst estimates of $620.84 million. During the same period last year, the company posted earnings per share of $1.84. The company’s quarterly revenue was down 14.4% year over year. On average, research analysts expect JOANN to post an EPS of 1.68 for the current financial 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. The ex-dividend date was Tuesday, December 14. This represents an annualized dividend of $0.40 and a yield of 3.21%. JOANN’s payout ratio is currently 19.23%.

About JOAN

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 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 supplies including cutting tools, threads, zippers, trimmings, ribbons, pins, rubber bands and buttons, and patterns for sewing projects.

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