JOANN (NASDAQ:JOAN) Raised to hold at Zacks Investment Research

JOANN (NASDAQ:JOAN – Get a rating) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note released Wednesday, reports.

According to Zacks, “JOANN Inc. is involved in the sewing and fabric industry. It serves as a one-stop, convenient source for all the supplies, advice, and inspiration needed to complete any project or passion. JOANN Inc. is based in HUDSON, Ohio. “

Other equity research analysts have also recently published research reports on the company. Loop Capital raised its price target on JOANN from $13.00 to $15.00 in a Friday, March 18 research note. Piper Sandler downgraded JOANN from an “overweight” rating to a “neutral” rating and lowered her price target for the company from $12.00 to $11.00 in a Friday, March 18 research note. Barclays lowered its price target on JOANN from $10.00 to $9.00 and set an “underweight” rating for the company in a Monday March 21 research note. Finally, Guggenheim downgraded JOANN from a “buy” rating to a “neutral” rating in a Monday, March 21 research note. One research analyst rated the stock with a sell rating, five gave the company a hold rating and two gave the company a buy rating. According to, the stock currently has an average rating of “Hold” and a consensus price target of $13.14.

Shares of JOAN opened at $8.87 on Wednesday. The company has a quick ratio of 0.11, a current ratio of 1.25 and a debt ratio of 5.20. The company has a market capitalization of $360.72 million, a P/E ratio of 6.57 and a beta of 1.19. JOANN has a 12-month low of $8.41 and a 12-month high of $17.50. The company has a fifty-day simple moving average of $11.03 and a 200-day simple moving average of $10.74.

JOANN (NASDAQ:JOAN – Get Rating) last released its results on Thursday, March 17. The company reported EPS of $1.15 for the quarter, beating the consensus estimate of $0.88 by $0.27. The company posted revenue of $735.30 million in the quarter, versus a consensus estimate of $752.33 million. JOANN had a return on equity of 62.50% and a net margin of 2.35%. JOANN’s quarterly revenues decreased by 12.5% ​​compared to the same quarter last year. As a group, equity research analysts expect JOANN to post 1.01 earnings per share for the current fiscal year.

In other JOANN news, director Darrell Webb sold 94,568 shares in a trade that took place on Tuesday, March 29. The stock was sold at an average price of $12.50, for a total value of $1,182,100.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Last quarter, insiders sold 97,575 shares of the company worth $1,218,014. Company insiders own 71.10% of the company’s stock.

Major investors have recently changed their positions in the company. Royce & Associates LP increased its holdings of JOANN shares by 117.3% in the first quarter. Royce & Associates LP now owns 1,718,356 shares of the company valued at $19,606,000 after purchasing an additional 927,506 shares last quarter. Capital Research Global Investors increased its equity stake in JOANN by 13.4% in the third quarter. Capital Research Global Investors now owns 2,729,250 shares of the company valued at $30,404,000 after purchasing an additional 323,517 shares in the last quarter. Crawford Investment Counsel Inc. bought a new position in JOANN stock in the first quarter valued at approximately $3,506,000. Alden Global Capital LLC purchased a new stock position in JOANN in the fourth quarter worth approximately $3,069,000. Finally, Invenomic Capital Management LP increased its equity stake in JOANN by 242.1% in the fourth quarter. Invenomic Capital Management LP now owns 351,502 shares of the company valued at $3,648,000 after buying an additional 248,750 shares last quarter. Institutional investors and hedge funds hold 95.63% of the company’s shares.

JOANN company profile (Get an assessment)

JOANN Inc operates as a specialty retailer of sewing and fabric products, and arts and crafts products in the United States. Its products in the sewing category include cotton fabrics; warm fabrics, such as fleeces and flannels; home decor and utility fabrics and accessories; fashion fabrics and sportswear; fabrics for special occasions; seasonal and licensed themed fabric designs; and sewing construction supplies including cutting tools, threads, zippers, trimmings, ribbons, pins, elastics and buttons, and patterns for sewing projects.

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