JOANN Inc. (NASDAQ:JOAN) Receives Average Recommendation of “Reduce” from Brokerages

Shares of JOANN Inc. (NASDAQ:JOAN – Get Rating) have received an average rating of “Hold” from the six brokerages that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $2.75.

A number of equities research analysts recently commented on JOAN shares. Bank of America lowered their price target on shares of JOANN from $3.50 to $1.00 and set an “underperform” rating on the stock in a report on Monday, March 27th. Loop Capital lowered their price target on shares of JOANN from $4.00 to $2.00 in a report on Friday, March 24th. Wells Fargo & Company reduced their price objective on shares of JOANN from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Friday, March 24th. Finally, Telsey Advisory Group reiterated a “market perform” rating and issued a $2.50 price objective on shares of JOANN in a research note on Friday, March 24th.

Insiders Place Their Bets

In other JOANN news, CFO Scott Sekella purchased 27,700 shares of the stock in a transaction on Friday, April 14th. The stock was acquired at an average cost of $1.59 per share, with a total value of $44,043.00. Following the completion of the purchase, the chief financial officer now directly owns 78,754 shares of the company’s stock, valued at approximately $125,218.86. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 71.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On JOANN

Several hedge funds and other institutional investors have recently modified their holdings of JOAN. State Street Corp increased its position in shares of JOANN by 12.8% during the first quarter. State Street Corp now owns 251,269 shares of the company’s stock valued at $400,000 after buying an additional 28,568 shares during the period. Geode Capital Management LLC grew its holdings in JOANN by 4.3% in the first quarter. Geode Capital Management LLC now owns 244,244 shares of the company’s stock worth $388,000 after purchasing an additional 10,066 shares during the period. BlackRock Inc. grew its holdings in shares of JOANN by 2.3% during the first quarter. BlackRock Inc. now owns 723,842 shares of the company’s stock valued at $1,151,000 after buying an additional 16,295 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of JOANN during the fourth quarter valued at approximately $64,000. Finally, Morgan Stanley grew its holdings in shares of JOANN by 8.8% during the fourth quarter. Morgan Stanley now owns 49,700 shares of the company’s stock valued at $142,000 after buying an additional 4,008 shares during the last quarter. 91.23% of the stock is owned by institutional investors.

JOANN Price Performance

JOANN stock opened at $1.60 on Friday. The company has a quick ratio of 0.12, a current ratio of 1.28 and a debt-to-equity ratio of 24.54. The stock has a market cap of $65.81 million, a P/E ratio of -0.33 and a beta of 1.13. The company’s 50 day moving average price is $1.79 and its two-hundred day moving average price is $3.23. JOANN has a 52 week low of $1.42 and a 52 week high of $11.55.

JOANN (NASDAQ:JOAN – Get Rating) last posted its quarterly earnings results on Thursday, March 23rd. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.28). The company had revenue of $692.80 million during the quarter, compared to the consensus estimate of $675.50 million. JOANN had a negative return on equity of 99.95% and a negative net margin of 9.05%. On average, equities analysts predict that JOANN will post -1.48 earnings per share for the current year.

About JOANN

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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.