Joint (NASDAQ:JYNT) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Joint (NASDAQ:JYNT) announced its earnings results on Wednesday. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.02), MarketWatch Earnings reports. The business had revenue of $29.31 million for the quarter, compared to the consensus estimate of $29.85 million. Joint had a net margin of 3.41% and a return on equity of 11.38%. Joint updated its FY 2023 guidance to EPS.

Joint Price Performance

Joint stock traded down $0.13 during mid-day trading on Thursday, reaching $9.22. 166,522 shares of the company’s stock traded hands, compared to its average volume of 134,843. Joint has a 12-month low of $8.76 and a 12-month high of $20.00. The company has a market cap of $135.34 million, a price-to-earnings ratio of 37.79 and a beta of 1.44. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average of $11.63 and a two-hundred day moving average of $13.85.

Insider Activity

In other news, major shareholder Bandera Partners Llc bought 6,999 shares of Joint stock in a transaction dated Wednesday, June 21st. The shares were acquired at an average price of $13.06 per share, with a total value of $91,406.94. Following the completion of the purchase, the insider now owns 2,627,549 shares in the company, valued at approximately $34,315,789.94. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders have bought 846,952 shares of company stock valued at $8,682,663. 4.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in JYNT. Bandera Partners LLC grew its holdings in Joint by 337.5% during the 1st quarter. Bandera Partners LLC now owns 1,000,000 shares of the company’s stock worth $35,390,000 after acquiring an additional 771,453 shares in the last quarter. Millennium Management LLC grew its holdings in Joint by 158.8% during the 4th quarter. Millennium Management LLC now owns 562,444 shares of the company’s stock worth $7,863,000 after acquiring an additional 345,133 shares in the last quarter. BlackRock Inc. grew its holdings in Joint by 3.5% during the 1st quarter. BlackRock Inc. now owns 2,270,914 shares of the company’s stock worth $80,366,000 after acquiring an additional 76,583 shares in the last quarter. AQR Capital Management LLC grew its holdings in Joint by 160.8% during the 2nd quarter. AQR Capital Management LLC now owns 108,173 shares of the company’s stock worth $1,656,000 after acquiring an additional 66,699 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Joint by 30.4% during the 2nd quarter. Renaissance Technologies LLC now owns 254,178 shares of the company’s stock worth $3,431,000 after acquiring an additional 59,300 shares in the last quarter. 87.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

JYNT has been the subject of several recent research reports. Maxim Group lowered shares of Joint from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. Roth Mkm dropped their target price on shares of Joint from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday. Finally, StockNews.com started coverage on shares of Joint in a research report on Thursday, August 17th. They set a “hold” rating for the company.

Joint Company Profile

The Joint Corp. develops, owns, operates, supports, and manages chiropractic clinics. The company operates in two segments, Corporate Clinics and Franchise Operations. It operates through direct ownership, management arrangements, franchising, and regional developers. As of March 1, 2022, the company operated approximately 700 locations in the United States.