Bank of America Lowers JOANN (NASDAQ:JOAN) to Neutral

JOANN (NASDAQ:JOANGet Rating) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Friday, The Fly reports.

A number of other analysts also recently issued reports on the stock. Barclays reduced their price target on shares of JOANN from $10.00 to $9.00 and set an “underweight” rating on the stock in a report on Monday, March 21st. Guggenheim downgraded shares of JOANN from a “buy” rating to a “neutral” rating in a report on Monday, March 21st. Zacks Investment Research upgraded shares of JOANN from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 18th. Loop Capital reduced their target price on shares of JOANN from $15.00 to $10.00 in a report on Friday. Finally, Piper Sandler downgraded shares of JOANN from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $12.00 to $11.00 in a report on Friday, March 18th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $12.14.

JOAN opened at $7.90 on Friday. The company has a debt-to-equity ratio of 5.20, a quick ratio of 0.11 and a current ratio of 1.25. The stock has a market cap of $321.29 million, a price-to-earnings ratio of 5.85 and a beta of 1.22. The firm’s fifty day moving average is $9.90 and its 200 day moving average is $10.47. JOANN has a fifty-two week low of $7.00 and a fifty-two week high of $17.50.

JOANN (NASDAQ:JOANGet Rating) last announced its quarterly earnings results on Thursday, June 2nd. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.29). The company had revenue of $498.00 million during the quarter, compared to the consensus estimate of $517.09 million. JOANN had a net margin of 2.35% and a return on equity of 62.50%. The business’s revenue was down 13.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 earnings per share. On average, equities research analysts predict that JOANN will post 0.98 earnings per share for the current year.

In related news, Director Darrell Webb sold 94,568 shares of the company’s stock in a transaction dated Tuesday, March 29th. The shares were sold at an average price of $12.50, for a total transaction of $1,182,100.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 97,575 shares of company stock worth $1,218,014 over the last quarter. 71.10% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its holdings in JOANN by 18.2% during the 3rd quarter. Geode Capital Management LLC now owns 226,854 shares of the company’s stock valued at $2,527,000 after purchasing an additional 34,982 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in JOANN in the 4th quarter valued at about $55,000. Royce & Associates LP boosted its position in JOANN by 298.5% in the 4th quarter. Royce & Associates LP now owns 790,850 shares of the company’s stock valued at $8,209,000 after buying an additional 592,409 shares during the period. Invenomic Capital Management LP boosted its position in JOANN by 242.1% in the 4th quarter. Invenomic Capital Management LP now owns 351,502 shares of the company’s stock valued at $3,648,000 after buying an additional 248,750 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in JOANN by 964.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 123,430 shares of the company’s stock valued at $1,375,000 after buying an additional 111,830 shares during the period. Institutional investors own 95.63% of the company’s stock.

JOANN Company Profile (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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