Joint (NASDAQ:JYNT) Director Acquires $107,000.00 in Stock

Key Points

• Christopher Grandpre, Director of The Joint Corp., purchased 10,000 shares at an average price of $10.70, totaling $107,000, increasing his ownership by 51.59% to 29,383 shares.
• The Joint Corp. reported a quarterly EPS of (-$0.06), exceeding analyst expectations, with revenues of $13.27 million, slightly below estimates.
• The company's Board of Directors authorized a $5 million share repurchase plan, indicating a belief that the stock is undervalued.

The Joint Corp. (NASDAQ:JYNT - Get Free Report) Director Christopher Grandpre acquired 10,000 shares of the company's stock in a transaction dated Monday, August 18th. The stock was acquired at an average price of $10.70 per share, for a total transaction of $107,000.00. Following the completion of the purchase, the director directly owned 29,383 shares of the company's stock, valued at $314,398.10. This trade represents a 51.59% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Joint Trading Down 3.6%

JYNT traded down $0.38 during midday trading on Tuesday, reaching $10.17. The company's stock had a trading volume of 45,636 shares, compared to its average volume of 59,589. The company has a fifty day simple moving average of $11.41 and a 200 day simple moving average of $11.09. The stock has a market cap of $156.04 million, a P/E ratio of -30.82 and a beta of 1.53. The Joint Corp. has a twelve month low of $9.58 and a twelve month high of $13.47.

Joint (NASDAQ:JYNT - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.01. The company 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 0.64% and a negative net margin of 7.02%. Sell-side analysts expect that The Joint Corp. will post 0.11 earnings per share for the current year.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew its stake in shares of Joint by 5,141.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,254 shares of the company's stock valued at $26,000 after purchasing an additional 2,211 shares during the period. Wells Fargo & Company MN raised its stake in shares of Joint by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 5,088 shares of the company's stock worth $54,000 after acquiring an additional 1,735 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Joint by 32.3% during the second quarter. JPMorgan Chase & Co. now owns 7,412 shares of the company's stock worth $86,000 after purchasing an additional 1,810 shares in the last quarter. MetLife Investment Management LLC bought a new stake in shares of Joint during the first quarter valued at approximately $88,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Joint by 25.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,244 shares of the company's stock valued at $95,000 after purchasing an additional 1,698 shares in the last quarter. Institutional investors own 76.88% of the company's stock.

Wall Street Analyst Weigh In

JYNT has been the topic of several research reports. B. Riley dropped their price objective on shares of Joint from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Lake Street Capital lowered their price target on Joint from $20.00 to $16.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $16.33.

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.

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