Russell Investments Group Ltd. Purchases 36,319 Shares of The Joint Corp. $JYNT

Key Points

• Russell Investments Group Ltd. increased its stake in The Joint Corp. by 45%, now holding 116,962 shares valued at approximately $1.46 million.
• Insider activity includes Director Christopher M. Grandpre purchasing 14,388 shares, increasing his position by 288.05%, adding to the total insider ownership of 27.90%.
• Analysts have mixed views with Lake Street Capital lowering its target price on the stock from $20.00 to $16.00, but maintaining a "buy" rating, alongside a consensus rating of "buy" for the company.

Russell Investments Group Ltd. lifted its stake in The Joint Corp. (NASDAQ:JYNT - Free Report) by 45.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 116,962 shares of the company's stock after purchasing an additional 36,319 shares during the period. Russell Investments Group Ltd. owned 0.76% of Joint worth $1,461,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in JYNT. Wells Fargo & Company MN raised its stake 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 buying an additional 1,735 shares during the period. BNP Paribas Financial Markets grew its holdings in Joint by 6.8% during the fourth quarter. BNP Paribas Financial Markets now owns 24,031 shares of the company's stock worth $255,000 after purchasing an additional 1,521 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of Joint by 31.9% during the fourth quarter. Squarepoint Ops LLC now owns 24,583 shares of the company's stock worth $261,000 after acquiring an additional 5,946 shares during the period. Barclays PLC boosted its holdings in shares of Joint by 6.9% during the fourth quarter. Barclays PLC now owns 27,380 shares of the company's stock worth $291,000 after acquiring an additional 1,771 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in shares of Joint by 193.3% in the fourth quarter. Mackenzie Financial Corp now owns 33,040 shares of the company's stock valued at $351,000 after buying an additional 21,776 shares during the period. 76.88% of the stock is currently owned by institutional investors.

Joint Stock Up 0.7%

Shares of NASDAQ:JYNT traded up $0.07 during trading on Friday, hitting $10.74. 49,852 shares of the company were exchanged, compared to its average volume of 75,518. The business's 50 day moving average is $11.22 and its 200-day moving average is $11.04. The company has a market capitalization of $164.75 million, a P/E ratio of -32.55 and a beta of 1.53. The Joint Corp. has a 1-year low of $9.58 and a 1-year high of $13.47.

Joint (NASDAQ:JYNT - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. Joint had a negative net margin of 7.02% and a positive return on equity of 0.60%. The company had revenue of $13.27 million for the quarter, compared to analysts' expectations of $13.32 million. As a group, sell-side analysts anticipate that The Joint Corp. will post 0.11 earnings per share for the current year.

Joint announced that its Board of Directors has approved a share buyback plan on Thursday, June 5th that permits the company to buyback $5.00 million in outstanding shares. This buyback authorization permits the company to buy up to 2.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

JYNT has been the subject of several research analyst reports. Lake Street Capital lowered their price objective on shares of Joint from $20.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, May 9th. B. Riley lowered their price objective 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 presently has a consensus rating of "Buy" and a consensus target price of $16.33.

Insider Buying and Selling at Joint

In other Joint news, Director Christopher M. Grandpre acquired 10,000 shares of Joint stock in a transaction that occurred on Wednesday, August 20th. The shares were bought at an average price of $10.41 per share, with a total value of $104,100.00. Following the completion of the purchase, the director directly owned 39,383 shares in the company, valued at $409,977.03. This trade represents a 34.03% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have acquired a total of 34,388 shares of company stock valued at $367,641 over the last quarter. Insiders own 27.90% of the company's stock.

About Joint

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.