JOANN Inc. (NASDAQ:JOAN) Receives $6.67 Average PT from Brokerages

Shares of JOANN Inc. (NASDAQ:JOANGet Rating) have been assigned a consensus rating of “Hold” from the seven ratings firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $6.67.

Several research analysts have recently issued reports on the company. Guggenheim lowered JOANN from a “buy” rating to a “neutral” rating in a research report on Monday, March 21st. Telsey Advisory Group reduced their target price on JOANN from $9.00 to $8.00 and set a “market perform” rating on the stock in a report on Friday, June 3rd. Wells Fargo & Company cut their price target on JOANN from $10.00 to $5.00 and set an “equal weight” rating on the stock in a report on Friday, June 3rd. Piper Sandler lowered their target price on JOANN from $11.00 to $6.00 and set a “neutral” rating on the stock in a research report on Monday, June 6th. Finally, Bank of America downgraded JOANN from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $20.00 to $8.00 in a research report on Friday, June 3rd.

Shares of NASDAQ JOAN opened at $7.73 on Thursday. The company has a debt-to-equity ratio of 8.10, a quick ratio of 0.16 and a current ratio of 1.52. The firm has a market cap of $314.36 million, a price-to-earnings ratio of 70.28 and a beta of 1.02. The business’s 50-day simple moving average is $8.62 and its 200-day simple moving average is $10.18. JOANN has a 52 week low of $6.23 and a 52 week high of $16.65.

JOANN (NASDAQ:JOANGet Rating) last announced its quarterly earnings data on Thursday, June 2nd. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.29). JOANN had a return on equity of 44.49% and a net margin of 0.28%. The firm had revenue of $498.00 million during the quarter, compared to the consensus estimate of $517.09 million. During the same quarter in the prior year, the business posted $0.45 EPS. JOANN’s revenue was down 13.3% compared to the same quarter last year. As a group, equities research analysts forecast that JOANN will post 0.18 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Friday, June 10th were given a $0.11 dividend. The ex-dividend date of this dividend was Thursday, June 9th. This represents a $0.44 annualized dividend and a yield of 5.69%. JOANN’s payout ratio is 400.04%.

Several hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. grew 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 valued at $31,000 after buying an additional 1,300 shares in the last quarter. Brown Advisory Inc. grew its stake in shares of JOANN by 0.6% during the fourth quarter. Brown Advisory Inc. now owns 395,469 shares of the company’s stock valued at $4,105,000 after buying an additional 2,267 shares during the last quarter. First Trust Advisors LP grew its position in JOANN by 14.1% during the 4th quarter. First Trust Advisors LP now owns 18,465 shares of the company’s stock worth $192,000 after acquiring an additional 2,281 shares during the last quarter. SummerHaven Investment Management LLC grew its position in JOANN by 4.7% during the 1st quarter. SummerHaven Investment Management LLC now owns 55,932 shares of the company’s stock worth $638,000 after acquiring an additional 2,490 shares during the last quarter. Finally, State Street Corp grew its position in shares of JOANN by 1.9% in the 1st quarter. State Street Corp now owns 210,672 shares of the company’s stock worth $2,427,000 after buying an additional 3,843 shares during the last quarter. Institutional investors own 95.63% of the company’s stock.

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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Analyst Recommendations for JOANN (NASDAQ:JOAN)

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