Joint (NASDAQ:JYNT) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Joint (NASDAQ:JYNT) released its quarterly earnings data on Wednesday. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.02), MarketWatch Earnings reports. Joint had a net margin of 2.81% and a return on equity of 9.54%. The firm had revenue of $29.31 million during the quarter, compared to the consensus estimate of $29.85 million. Joint updated its FY 2023 guidance to EPS.

Joint Trading Up 3.6 %

NASDAQ:JYNT opened at $9.69 on Friday. The stock has a market capitalization of $142.25 million, a price-to-earnings ratio of 46.14 and a beta of 1.44. Joint has a 52 week low of $8.76 and a 52 week high of $20.00. 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 firm has a 50 day moving average of $11.56 and a 200 day moving average of $13.82.

Insiders Place Their Bets

In other Joint news, major shareholder Bandera Partners Llc acquired 25,867 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The stock was purchased at an average price of $9.28 per share, for a total transaction of $240,045.76. Following the acquisition, the insider now owns 3,618,998 shares in the company, valued at approximately $33,584,301.44. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have bought 846,952 shares of company stock valued at $8,682,663. 4.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joint

A number of large investors have recently modified their holdings of the business. Point72 Hong Kong Ltd boosted its stake in Joint by 455.7% in the 1st quarter. Point72 Hong Kong Ltd now owns 3,073 shares of the company’s stock worth $109,000 after purchasing an additional 2,520 shares in the last quarter. Point72 Middle East FZE purchased a new position in shares of Joint in the second quarter worth $45,000. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Joint during the third quarter worth $64,000. Citigroup Inc. purchased a new stake in shares of Joint during the second quarter valued at $57,000. Finally, BNP Paribas Arbitrage SA increased its position in shares of 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. Hedge funds and other institutional investors own 87.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on JYNT. Roth Mkm reduced 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. StockNews.com began coverage on shares of Joint in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Maxim Group lowered Joint from a “buy” rating to a “hold” rating in a research report on Friday, August 11th.

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.