Traders buy high volume of calls JOANN (NASDAQ: JOAN)

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JOANN Inc. (NASDAQ: JOAN) received unusual option trades on Wednesday. Stock traders acquired 8,243 call options on the stock. This is an increase of approximately 1,658% over the average volume of 469 call options.

In other JOANN news, CFO Matthew B. Susz sold 78,627 shares in a trade dated Wednesday, December 8. The stock was sold for an average price of $ 9.90, for a total value of $ 778,407.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. In addition, CEO Wade D. Miquelon bought 55,000 shares of the company in a transaction on Tuesday, December 7. The stock was purchased at an average cost of $ 9.33 per share, for a total transaction of $ 513,150.00. Disclosure of this purchase can be found here.

Institutional investors and hedge funds have recently increased or reduced their stakes in the company. Kennedy Capital Management Inc. acquired a new equity stake in JOANN in the second quarter valued at approximately $ 3,682,000. Cubist Systematic Strategies LLC increased its stake in JOANN by 3,059.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 44,239 shares of the company valued at $ 697,000 after purchasing an additional 42,839 shares during the last quarter. Deutsche Bank AG acquired a new stake in JOANN during the second quarter for a value of approximately $ 448,000. MYDA Advisors LLC acquired a new stake in JOANN during the 2nd quarter valued at approximately $ 2,035,000. Finally, International Assets Investment Management LLC increased its stake in JOANN by 29.2% during the 3rd quarter. International Assets Investment Management LLC now owns 27,400 shares of the company valued at $ 305,000 after purchasing an additional 6,200 shares in the last quarter. 91.11% of the shares are held by institutional investors.

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NASDAQ JOAN shares opened at $ 9.82 on Thursday. The stock has a 50-day moving average price of $ 10.22 and a 200-day moving average price of $ 12.09. JOANN has a 52 week low of $ 8.51 and a 52 week high of $ 17.50. The company has a debt to equity ratio of 5.82, a rapid ratio of 0.18, and a current ratio of 1.38. The stock has a market cap of $ 404.40 million and a PE ratio of 4.72.

JOANN (NASDAQ: JOAN) last released its quarterly earnings data on Wednesday, December 1. The company reported earnings per share (EPS) of $ 0.73 for the quarter, beating the Zacks’ consensus estimate of $ 0.62 by $ 0.11. JOANN had a return on equity of 68.21% and a net margin of 3.23%. The company posted revenue of $ 611.00 million in the quarter, against analysts’ expectations of $ 620.84 million. During the same period last year, the company posted earnings per share of $ 1.84. The company’s revenue was down 14.4% year-on-year. As a group, research analysts predict that JOANN will post 1.68 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 29. Shareholders of record on Wednesday, December 15 received a dividend of $ 0.10. The ex-dividend date was Tuesday, December 14. This represents a dividend of $ 0.40 on an annualized basis and a dividend yield of 4.07%. JOANN’s payout rate is 19.23%.

Several equity research analysts have published reports on JOAN stocks. Wells Fargo & Company downgraded JOANN from an “overweight” to an “equal weight” rating and lowered its price target for the stock from $ 15.00 to $ 10.00 in a report released on Friday December 3. Zacks Investment Research downgraded JOANN from a “hold” rating to a “buy” rating and set a price target of $ 12.00 for the company in a report released on Thursday, December 9. Telsey Advisory Group lowered its price target on JOANN from $ 14.00 to $ 11.00 and established a “market performance” rating for the company in a report released on Wednesday, December 1. Finally, Barclays lowered its price target on JOANN from $ 11.00 to $ 10.00 and set an “underweight” rating for the company in a report released on Monday, December 6. One equity research analyst rated the stock with a sell rating, two assigned a conservation rating, and seven assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $ 13.89.

About JOANN

JOANN Inc operates as a specialty retailer of sewing, arts and crafts products in the United States. Its products in the sewing category include cotton fabrics; warm fabrics, such as fleece and flannel fabrics; interior decoration and utility fabrics and accessories; fashion fabrics and sportswear; fabrics for special occasions; seasonally themed and licensed fabric designs; and sewing supplies including cutting tools, threads, zippers, trims, ribbons, pins, rubber bands and buttons, as well as patterns for sewing projects.

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