Stock Traders Purchase Large Volume of JOANN Put Options (NASDAQ:JOAN)

Posted by on Jun 23rd, 2023

JOANN Inc. (NASDAQ:JOAN – Get Rating) saw some unusual options trading activity on Thursday. Traders purchased 2,948 put options on the company. This represents an increase of 2,100% compared to the typical daily volume of 134 put options.

JOANN Price Performance

Shares of NASDAQ JOAN opened at $0.96 on Friday. The firm has a market capitalization of $39.54 million, a P/E ratio of -0.18 and a beta of 1.13. The company has a quick ratio of 0.14, a current ratio of 1.31 and a debt-to-equity ratio of 24.54. The stock’s 50-day simple moving average is $1.53 and its two-hundred day simple moving average is $2.57. JOANN has a twelve month low of $0.95 and a twelve month high of $11.55.

JOANN (NASDAQ:JOAN – Get Rating) last issued its quarterly earnings results on Thursday, March 23rd. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.28). The company had revenue of $692.80 million during the quarter, compared to the consensus estimate of $675.50 million. JOANN had a negative return on equity of 99.95% and a negative net margin of 10.00%. As a group, equities analysts anticipate that JOANN will post -2.59 EPS for the current fiscal year.

Insider Activity

In related news, CFO Scott Sekella bought 27,700 shares of the stock in a transaction that occurred on Friday, April 14th. The shares were acquired at an average price of $1.59 per share, with a total value of $44,043.00. Following the completion of the transaction, the chief financial officer now owns 78,754 shares in the company, valued at $125,218.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Marybeth Hays bought 22,300 shares of the firm’s stock in a transaction dated Friday, June 9th. The shares were bought at an average price of $1.13 per share, with a total value of $25,199.00. Following the completion of the transaction, the director now owns 44,664 shares of the company’s stock, valued at $50,470.32. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Scott Sekella purchased 27,700 shares of the firm’s stock in a transaction that occurred on Friday, April 14th. The stock was acquired at an average price of $1.59 per share, for a total transaction of $44,043.00. Following the completion of the purchase, the chief financial officer now directly owns 78,754 shares of the company’s stock, valued at approximately $125,218.86. The disclosure for this purchase can be found here. 73.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On JOANN

Several institutional investors have recently modified their holdings of the company. State Street Corp grew its position in JOANN by 12.8% during the 1st quarter. State Street Corp now owns 251,269 shares of the company’s stock worth $400,000 after acquiring an additional 28,568 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of JOANN by 4.3% during the first quarter. Geode Capital Management LLC now owns 244,244 shares of the company’s stock valued at $388,000 after purchasing an additional 10,066 shares during the last quarter. BlackRock Inc. raised its position in shares of JOANN by 2.3% in the 1st quarter. BlackRock Inc. now owns 723,842 shares of the company’s stock worth $1,151,000 after purchasing an additional 16,295 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of JOANN in the 4th quarter worth about $64,000. Finally, Morgan Stanley raised its position in shares of JOANN by 8.8% in the 4th quarter. Morgan Stanley now owns 49,700 shares of the company’s stock worth $142,000 after purchasing an additional 4,008 shares during the last quarter. 89.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

JOAN has been the subject of several research analyst reports. Bank of America lowered their target price on JOANN from $3.50 to $1.00 and set an “underperform” rating for the company in a research note on Monday, March 27th. Loop Capital reduced their price target on shares of JOANN from $4.00 to $2.00 in a research report on Friday, March 24th. Piper Sandler reduced their price target on shares of JOANN from $3.50 to $1.50 in a research report on Tuesday, June 6th. Telsey Advisory Group reiterated a “market perform” rating and set a $2.50 price target on shares of JOANN in a research note on Friday, March 24th. Finally, Wells Fargo & Company cut their target price on JOANN from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, March 24th.

About JOANN

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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.

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