Investors Purchase High Volume of Call Options on JOANN (NASDAQ:JOAN)

JOANN Inc. (NASDAQ:JOANGet Rating) was the recipient of some unusual options trading activity on Wednesday. Traders acquired 8,243 call options on the company. This represents an increase of 1,658% compared to the typical daily volume of 469 call options.

JOANN Trading Up 1.4 %

JOAN traded up $0.12 during midday trading on Thursday, hitting $8.74. The company’s stock had a trading volume of 1,462 shares, compared to its average volume of 315,982. The company has a current ratio of 1.52, a quick ratio of 0.16 and a debt-to-equity ratio of 8.10. The firm has a market cap of $355.43 million, a P/E ratio of 78.37 and a beta of 1.02. The firm has a 50-day moving average price of $8.03 and a two-hundred day moving average price of $9.93. JOANN has a 52-week low of $6.23 and a 52-week high of $16.32.

JOANN (NASDAQ:JOANGet Rating) last posted its quarterly earnings results on Thursday, June 2nd. The company reported ($0.24) EPS for the quarter. The business had revenue of $498.00 million during the quarter, compared to analysts’ expectations of $517.09 million. JOANN had a net margin of 0.28% and a return on equity of 44.49%. The firm’s quarterly revenue was down 13.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.45 EPS. On average, research analysts anticipate that JOANN will post 0.05 earnings per share for the current year.

JOANN Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Friday, June 10th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 5.03%. The ex-dividend date of this dividend was Thursday, June 9th. JOANN’s dividend payout ratio is presently 400.04%.

Hedge Funds Weigh In On JOANN

A number of institutional investors and hedge funds have recently bought and sold shares of JOAN. Royce & Associates LP raised its position in shares of JOANN by 117.3% in the 1st quarter. Royce & Associates LP now owns 1,718,356 shares of the company’s stock valued at $19,606,000 after purchasing an additional 927,506 shares in the last quarter. Crawford Investment Counsel Inc. acquired a new position in shares of JOANN in the 1st quarter valued at approximately $3,506,000. Alden Global Capital LLC acquired a new position in shares of JOANN in the 4th quarter valued at approximately $3,069,000. Invenomic Capital Management LP raised its position in shares of JOANN by 242.1% during the 4th quarter. Invenomic Capital Management LP now owns 351,502 shares of the company’s stock valued at $3,648,000 after acquiring an additional 248,750 shares in the last quarter. Finally, CastleKnight Management LP acquired a new stake in shares of JOANN during the 4th quarter valued at approximately $1,740,000. Hedge funds and other institutional investors own 95.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Piper Sandler reduced their target price on JOANN from $11.00 to $6.00 and set a “neutral” rating for the company in a report on Monday, June 6th. Wells Fargo & Company reduced their target price on JOANN from $10.00 to $5.00 and set an “equal weight” rating for the company in a report on Friday, June 3rd. Bank of America downgraded JOANN from a “buy” rating to a “neutral” rating and cut their price target for the stock from $20.00 to $8.00 in a research note on Friday, June 3rd. Barclays cut their price target on JOANN from $9.00 to $5.00 and set an “underweight” rating for the company in a research note on Monday, June 6th. Finally, Telsey Advisory Group cut their price target on JOANN from $9.00 to $8.00 and set a “market perform” rating for the company in a research note on Friday, June 3rd. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $6.67.

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.

Further Reading

Receive News & Ratings for JOANN Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for JOANN and related companies with MarketBeat.com's FREE daily email newsletter.