JOANN Target of Unusually Large Options Trading (NASDAQ:JOAN)

JOANN Inc. (NASDAQ:JOAN) was the target of some unusual options trading on Thursday. Investors acquired 2,948 put options on the stock. This represents an increase of approximately 2,100% compared to the average daily volume of 134 put options.

Institutional Investors Weigh In On JOANN

Hedge funds have recently bought and sold shares of the business. UBS Group AG lifted its stake in JOANN by 141.5% in the 2nd quarter. UBS Group AG now owns 3,383 shares of the company’s stock worth $26,000 after acquiring an additional 1,982 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in JOANN by 86.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,800 shares of the company’s stock worth $31,000 after acquiring an additional 1,300 shares in the last quarter. BNP Paribas Arbitrage SNC purchased a new stake in JOANN in the 3rd quarter worth about $33,000. JPMorgan Chase & Co. lifted its stake in JOANN by 153.4% in the 4th quarter. JPMorgan Chase & Co. now owns 14,962 shares of the company’s stock worth $43,000 after acquiring an additional 9,058 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in JOANN in the 4th quarter worth about $64,000. 72.10% of the stock is owned by hedge funds and other institutional investors.

JOANN Stock Down 11.9 %

Shares of NASDAQ JOAN opened at $0.10 on Friday. JOANN has a 12 month low of $0.08 and a 12 month high of $2.19. The company has a market cap of $4.06 million, a price-to-earnings ratio of -0.02 and a beta of 0.99. The business has a fifty day simple moving average of $0.38 and a 200-day simple moving average of $0.53.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Telsey Advisory Group reduced their target price on JOANN from $1.50 to $1.00 and set a “market perform” rating for the company in a report on Thursday, November 30th. Wells Fargo & Company reduced their target price on JOANN from $1.50 to $0.75 and set an “equal weight” rating for the company in a report on Tuesday, December 5th.

About JOANN

JOANN Inc operates as a specialty retailer of sewing and fabrics, and arts and crafts category products in the United States. The company 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; pillow forms; stuffing, batting, and foams; 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.