First Foundation Advisors Acquires 27,444 Shares of The Joint Corp. (NASDAQ:JYNT)

Key Points

• First Foundation Advisors has increased its stake in The Joint Corp. (NASDAQ:JYNT) by 21.0%, owning 157,904 shares valued at approximately $1.97 million as of the last quarter.
• The Joint Corp. has initiated a $5 million stock buyback program, which allows it to repurchase up to 2.7% of its outstanding shares, indicating that the board believes the stock may be undervalued.
• Analysts from Lake Street Capital have reduced their target price for Joint shares from $20.00 to $16.00 while maintaining a "buy" rating.

First Foundation Advisors boosted its position in The Joint Corp. (NASDAQ:JYNT - Free Report) by 21.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 157,904 shares of the company's stock after purchasing an additional 27,444 shares during the period. First Foundation Advisors owned 1.03% of Joint worth $1,972,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in JYNT. Charles Schwab Investment Management Inc. grew its position in Joint by 9.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,204 shares of the company's stock valued at $385,000 after purchasing an additional 3,029 shares during the period. Geode Capital Management LLC boosted its holdings in Joint by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 293,133 shares of the company's stock worth $3,116,000 after buying an additional 1,552 shares during the period. Wells Fargo & Company MN lifted its holdings in Joint by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 5,088 shares of the company's stock worth $54,000 after purchasing an additional 1,735 shares in the last quarter. Barclays PLC grew its position in shares of Joint by 6.9% during the 4th quarter. Barclays PLC now owns 27,380 shares of the company's stock valued at $291,000 after purchasing an additional 1,771 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Joint by 4.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 216,254 shares of the company's stock worth $2,299,000 after purchasing an additional 10,074 shares during the last quarter. Institutional investors and hedge funds own 76.88% of the company's stock.

Analysts Set New Price Targets

Separately, Lake Street Capital lowered their price objective on Joint from $20.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, May 9th.

Joint Trading Down 1.0%

JYNT stock traded down $0.11 on Friday, hitting $10.93. The company had a trading volume of 96,419 shares, compared to its average volume of 59,482. The stock's 50-day simple moving average is $11.38 and its 200 day simple moving average is $11.10. The Joint Corp. has a 12-month low of $9.58 and a 12-month high of $13.47. The stock has a market cap of $167.23 million, a price-to-earnings ratio of -18.84 and a beta of 1.49.

Joint (NASDAQ:JYNT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). The firm had revenue of $13.08 million for the quarter, compared to the consensus estimate of $13.02 million. Joint had a positive return on equity of 1.60% and a negative net margin of 9.86%. Research analysts forecast that The Joint Corp. will post 0.11 earnings per share for the current year.

Joint declared that its Board of Directors has approved a share buyback program on Thursday, June 5th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 2.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Joint Company Profile

The Joint Corp. operates and franchises chiropractic clinics in the United States. The company operates in two segments, Corporate Clinics and Franchise Operations. The Joint Corp. was incorporated in 2010 and is headquartered in Scottsdale, Arizona.