Joint (NASDAQ:JYNT) Releases Earnings Results, Misses Expectations By $0.02 EPS

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

Joint Price Performance

Shares of NASDAQ:JYNT opened at $9.69 on Friday. Joint has a fifty-two week low of $8.76 and a fifty-two week high of $20.00. The business has a 50-day moving average of $11.56 and a two-hundred day moving average of $13.82. The stock has a market capitalization of $142.25 million, a P/E ratio of 46.14 and a beta of 1.44. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.94.

Insiders Place Their Bets

In other news, major shareholder Bandera Partners Llc purchased 16,673 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were purchased at an average cost of $13.07 per share, for a total transaction of $217,916.11. Following the completion of the purchase, the insider now directly owns 2,644,659 shares of the company’s stock, valued at approximately $34,565,693.13. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders purchased 846,952 shares of company stock valued at $8,682,663 over the last quarter. 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 the company. Bandera Partners LLC grew its stake in shares of Joint by 337.5% in the 1st quarter. Bandera Partners LLC now owns 1,000,000 shares of the company’s stock valued at $35,390,000 after purchasing an additional 771,453 shares during the period. Millennium Management LLC boosted its holdings in shares of Joint by 158.8% in the 4th quarter. Millennium Management LLC now owns 562,444 shares of the company’s stock worth $7,863,000 after acquiring an additional 345,133 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Joint by 3.5% in the 1st quarter. BlackRock Inc. now owns 2,270,914 shares of the company’s stock worth $80,366,000 after acquiring an additional 76,583 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Joint by 160.8% in the 2nd quarter. AQR Capital Management LLC now owns 108,173 shares of the company’s stock worth $1,656,000 after acquiring an additional 66,699 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Joint by 30.4% in the 2nd quarter. Renaissance Technologies LLC now owns 254,178 shares of the company’s stock worth $3,431,000 after acquiring an additional 59,300 shares in the last quarter. 87.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Joint Company Profile

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.