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

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

JOANN Stock Up 4.7 %

JOAN opened at $2.21 on Friday. JOANN has a one year low of $2.02 and a one year high of $13.24. The company has a fifty day moving average price of $3.51 and a 200-day moving average price of $4.75. The firm has a market capitalization of $90.15 million, a P/E ratio of -0.93 and a beta of 1.38. The company has a debt-to-equity ratio of 24.54, a current ratio of 1.52 and a quick ratio of 0.19.

Hedge Funds Weigh In On JOANN

Hedge funds and other institutional investors have recently modified their holdings of the company. UBS Group AG increased its stake in shares of JOANN by 141.5% during the second quarter. UBS Group AG now owns 3,383 shares of the company’s stock valued at $26,000 after purchasing an additional 1,982 shares in the last quarter. Geneos Wealth Management Inc. raised its position in JOANN by 86.7% in the first 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 during the period. BNP Paribas Arbitrage SNC bought a new stake in shares of JOANN during the 3rd quarter valued at $33,000. JPMorgan Chase & Co. raised its position in shares of JOANN by 153.4% during the 4th quarter. JPMorgan Chase & Co. now owns 14,962 shares of the company’s stock valued at $43,000 after purchasing an additional 9,058 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in JOANN in the 4th quarter valued at $64,000. 91.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company dropped their target price on JOANN from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Thursday, January 5th. Barclays decreased their target price on JOANN from $5.00 to $3.00 in a research note on Wednesday, December 14th. Loop Capital reduced their price target on JOANN from $7.00 to $4.00 in a research report on Tuesday, December 13th. Finally, Telsey Advisory Group dropped their price objective on JOANN from $8.00 to $6.00 and set a “market perform” rating on the stock in a research note on Friday, December 9th. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, JOANN presently has a consensus rating of “Hold” and a consensus target price of $5.00.

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.