Topline Capital Management LLC Acquires 52,956 Shares of The Joint Corp. $JYNT

Key Points

• Topline Capital Management LLC increased its stake in The Joint Corp. by 16.3% in Q1, owning 378,294 shares valued at approximately $4.7 million.
• Insiders purchased a total of 34,388 shares of Joint stock worth $367,641 in the past 90 days, with Director Christopher M. Grandpre significantly increasing his position by 288.05%.
• The Joint Corp. has a current consensus rating of "Buy" with an average target price of $16.33, despite recent target price reductions from B. Riley and Lake Street Capital.

Topline Capital Management LLC grew its holdings in The Joint Corp. (NASDAQ:JYNT - Free Report) by 16.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 378,294 shares of the company's stock after purchasing an additional 52,956 shares during the quarter. Joint comprises about 1.1% of Topline Capital Management LLC's portfolio, making the stock its 21st biggest position. Topline Capital Management LLC owned approximately 2.47% of Joint worth $4,725,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Foundation Advisors lifted its stake in shares of Joint by 21.0% in the 1st quarter. First Foundation Advisors now owns 157,904 shares of the company's stock valued at $1,972,000 after purchasing an additional 27,444 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Joint by 4.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 216,254 shares of the company's stock valued at $2,299,000 after purchasing an additional 10,074 shares during the period. Northern Trust Corp lifted its stake in shares of Joint by 4.1% in the 4th quarter. Northern Trust Corp now owns 131,313 shares of the company's stock valued at $1,396,000 after purchasing an additional 5,220 shares during the period. Wells Fargo & Company MN increased its position in Joint by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 5,088 shares of the company's stock valued at $54,000 after buying an additional 1,735 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in Joint by 6.8% in the 4th quarter. BNP Paribas Financial Markets now owns 24,031 shares of the company's stock valued at $255,000 after buying an additional 1,521 shares in the last quarter. 76.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

JYNT has been the subject of a number of research analyst reports. B. Riley decreased their target price on Joint from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Lake Street Capital decreased their target price on Joint from $20.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $16.33.

Joint Stock Performance

JYNT traded up $0.07 during midday trading on Friday, reaching $10.74. 49,852 shares of the company were exchanged, compared to its average volume of 75,518. The company's fifty day moving average price is $11.22 and its 200 day moving average price is $11.04. The company has a market cap of $164.75 million, a price-to-earnings ratio of -32.55 and a beta of 1.53. The Joint Corp. has a one year low of $9.58 and a one 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) EPS for the quarter, topping analysts' consensus estimates 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 positive return on equity of 0.60% and a negative net margin of 7.02%. As a group, sell-side analysts anticipate that The Joint Corp. will post 0.11 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other Joint news, Director Christopher M. Grandpre bought 10,000 shares of Joint stock in a transaction dated Wednesday, August 20th. The stock was bought at an average cost of $10.41 per share, with a total value of $104,100.00. Following the completion of the acquisition, the director directly owned 39,383 shares in the company, valued at approximately $409,977.03. The trade was a 34.03% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders purchased 34,388 shares of company stock worth $367,641. 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.