Goldman Sachs Group Inc. Trims Holdings in The Joint Corp. $JYNT

Key Points

• Goldman Sachs Group Inc. has reduced its holdings in The Joint Corp. by 9.9% in the first quarter, now owning approximately 340,504 shares worth $4.25 million.
• The Joint Corp. reported a loss of ($0.06) earnings per share for the quarter, slightly outperforming analyst estimates while generating revenue of $13.27 million.
• Insider transactions have increased, with Director Christopher M. Grandpre buying 14,388 shares, indicating a strong belief in the stock's potential as insiders have acquired a total of 34,388 shares recently.

Goldman Sachs Group Inc. cut its stake in The Joint Corp. (NASDAQ:JYNT - Free Report) by 9.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 340,504 shares of the company's stock after selling 37,377 shares during the period. Goldman Sachs Group Inc. owned 2.23% of Joint worth $4,253,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. First Foundation Advisors boosted its stake in Joint by 21.0% in the 1st quarter. First Foundation Advisors now owns 157,904 shares of the company's stock worth $1,972,000 after purchasing an additional 27,444 shares in the last quarter. Nuveen LLC purchased a new position in Joint during the 1st quarter worth approximately $860,000. Northern Trust Corp raised its position in Joint by 4.1% during the 4th quarter. Northern Trust Corp now owns 131,313 shares of the company's stock worth $1,396,000 after buying an additional 5,220 shares during the last quarter. Alta Fox Capital Management LLC purchased a new position in Joint during the 1st quarter worth approximately $5,035,000. Finally, Russell Investments Group Ltd. raised its position in Joint by 45.0% during the 1st quarter. Russell Investments Group Ltd. now owns 116,962 shares of the company's stock worth $1,461,000 after buying an additional 36,319 shares during the last quarter. 76.88% of the stock is currently owned by institutional investors and hedge funds.

Joint Stock Down 2.9%

Shares of NASDAQ:JYNT traded down $0.30 during trading on Friday, hitting $9.96. 283,561 shares of the stock traded hands, compared to its average volume of 83,359. The company has a market cap of $152.79 million, a price-to-earnings ratio of -30.18 and a beta of 1.46. The company has a fifty day moving average price of $10.83 and a two-hundred day moving average price of $10.93. The Joint Corp. has a 52-week low of $9.58 and a 52-week high of $13.47.

Joint (NASDAQ:JYNT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The firm had revenue of $13.27 million during the quarter, compared to analyst estimates of $13.32 million. Joint had a negative net margin of 7.02% and a positive return on equity of 0.60%. On average, equities research analysts predict that The Joint Corp. will post 0.11 EPS for the current fiscal year.

Joint declared that its board has authorized a stock repurchase plan on Thursday, June 5th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the company to repurchase up to 2.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, B. Riley reduced their price target on shares of Joint from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $16.33.

Insider Buying and Selling at Joint

In other news, Director Christopher M. Grandpre bought 14,388 shares of the business's stock in a transaction dated Friday, August 15th. The stock was purchased at an average cost of $10.88 per share, with a total value of $156,541.44. Following the acquisition, the director directly owned 19,383 shares in the company, valued at $210,887.04. This trade represents a 288.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have purchased 34,388 shares of company stock worth $367,641. 27.90% of the stock is owned by insiders.

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.