JOANN Sees Unusually Large Options Volume (NASDAQ:JOAN)

JOANN Inc. (NASDAQ:JOANGet Rating) was the target of unusually large options trading on Wednesday. Stock investors acquired 8,243 call options on the company. This represents an increase of approximately 1,658% compared to the typical daily volume of 469 call options.

In other JOANN news, Director Darrell Webb sold 94,568 shares of the business’s stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $12.50, for a total transaction of $1,182,100.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 97,575 shares of company stock worth $1,218,014 in the last 90 days. Insiders own 71.10% of the company’s stock.

A number of hedge funds have recently made changes to their positions in JOAN. Delphia USA Inc. acquired a new position in shares of JOANN in the 1st quarter valued at $276,000. First Manhattan Co. lifted its stake in shares of JOANN by 13.6% in the first quarter. First Manhattan Co. now owns 375,000 shares of the company’s stock worth $4,278,000 after acquiring an additional 45,000 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of JOANN by 86.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,800 shares of the company’s stock valued at $31,000 after buying an additional 1,300 shares during the last quarter. Goldman Sachs Group Inc. bought a new position in JOANN during the 1st quarter valued at $155,000. Finally, State Street Corp lifted its position in shares of JOANN by 1.9% during the first quarter. State Street Corp now owns 210,672 shares of the company’s stock worth $2,427,000 after purchasing an additional 3,843 shares during the last quarter. 95.63% of the stock is owned by hedge funds and other institutional investors.

JOANN stock opened at $7.61 on Thursday. The firm has a market cap of $309.48 million, a PE ratio of 5.64 and a beta of 1.19. The company’s 50 day moving average is $10.00 and its two-hundred day moving average is $10.49. JOANN has a 52-week low of $7.00 and a 52-week high of $17.50. The company has a quick ratio of 0.11, a current ratio of 1.25 and a debt-to-equity ratio of 5.20.

JOANN (NASDAQ:JOANGet Rating) last released its quarterly earnings data on Thursday, March 17th. The company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.27. The business had revenue of $735.30 million during the quarter, compared to analysts’ expectations of $752.33 million. JOANN had a return on equity of 62.50% and a net margin of 2.35%. The firm’s quarterly revenue was down 12.5% on a year-over-year basis. On average, equities research analysts anticipate that JOANN will post 1.01 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 24th. Shareholders of record on Friday, June 10th will be given a dividend of $0.11 per share. The ex-dividend date is Thursday, June 9th. This represents a $0.44 annualized dividend and a yield of 5.78%. JOANN’s payout ratio is currently 32.59%.

A number of analysts have recently weighed in on JOAN shares. Piper Sandler lowered shares of JOANN from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $12.00 to $11.00 in a research note on Friday, March 18th. Telsey Advisory Group lowered their price target on shares of JOANN from $11.00 to $9.00 and set a “market perform” rating on the stock in a report on Friday, May 27th. Guggenheim cut shares of JOANN from a “buy” rating to a “neutral” rating in a report on Monday, March 21st. Loop Capital increased their target price on shares of JOANN from $13.00 to $15.00 in a research note on Friday, March 18th. Finally, Zacks Investment Research raised JOANN from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, JOANN has a consensus rating of “Hold” and an average price target of $12.86.

About JOANN (Get Rating)

JOANN Inc operates as a specialty retailer of sewing and fabrics, and arts and crafts category products in the United States. Its 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; 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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