Joint (NASDAQ:JYNT) Posts Earnings Results

Joint (NASDAQ:JYNT) announced its earnings results on Wednesday. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02), MarketWatch Earnings reports. Joint had a return on equity of 9.54% and a net margin of 2.81%. The business had revenue of $29.31 million for the quarter, compared to analyst estimates of $29.85 million. Joint updated its FY 2023 guidance to EPS.

Joint Stock Performance

Shares of Joint stock opened at $9.58 on Friday. The company has a 50 day moving average of $11.49 and a 200-day moving average of $13.78. Joint has a 1-year low of $8.76 and a 1-year high of $20.00. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.06. The company has a market cap of $140.63 million, a PE ratio of 45.62 and a beta of 1.44.

Insider Transactions at Joint

In related news, major shareholder Bandera Partners Llc acquired 16,673 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The stock was acquired at an average price of $13.07 per share, with a total value of $217,916.11. Following the purchase, the insider now directly owns 2,644,659 shares in the company, valued at $34,565,693.13. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders bought 846,952 shares of company stock valued at $8,682,663. Company insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Joint

Several institutional investors and hedge funds have recently added to or reduced their stakes in JYNT. Point72 Hong Kong Ltd increased its position in Joint by 455.7% in the 1st quarter. Point72 Hong Kong Ltd now owns 3,073 shares of the company’s stock valued at $109,000 after acquiring an additional 2,520 shares during the period. Point72 Middle East FZE acquired a new position in Joint in the 2nd quarter valued at approximately $45,000. Teachers Retirement System of The State of Kentucky acquired a new position in Joint in the 3rd quarter valued at approximately $64,000. Citigroup Inc. acquired a new position in Joint in the 2nd quarter valued at approximately $57,000. Finally, BNP Paribas Arbitrage SA increased its position in Joint by 36.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,873 shares of the company’s stock valued at $75,000 after acquiring an additional 1,313 shares during the period. Institutional investors own 87.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on JYNT. Maxim Group lowered shares of Joint from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. StockNews.com began coverage on shares of Joint in a report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Roth Mkm cut their price target on shares of Joint from $16.00 to $13.00 and set a “buy” rating for the company in a report on Thursday.

About Joint

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.