Joint (NASDAQ:JYNT) Director Purchases $156,541.44 in Stock

Key Points

• Joint Corp. Director Christopher Grandpre purchased 14,388 shares at an average cost of $10.88 each, totaling $156,541.44, resulting in a 288.05% increase in his holdings.
• The company recently authorized a $5 million stock repurchase plan, indicating management's belief that the stock may be undervalued.
• Joint Corp. reported quarterly earnings with an EPS of ($0.06), slightly beating analyst estimates, and had a revenue of $13.27 million, just shy of the consensus estimate.

The Joint Corp. (NASDAQ:JYNT - Get Free Report) Director Christopher M. Grandpre bought 14,388 shares of the stock in a transaction on Friday, August 15th. The shares were purchased at an average price of $10.88 per share, with a total value of $156,541.44. Following the acquisition, the director owned 19,383 shares in the company, valued at approximately $210,887.04. This represents a 288.05% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Joint Stock Performance

NASDAQ JYNT traded up $0.15 during trading on Friday, hitting $10.61. The stock had a trading volume of 230,786 shares, compared to its average volume of 58,913. The Joint Corp. has a 12 month low of $9.58 and a 12 month high of $13.47. The company's 50-day moving average price is $11.28 and its two-hundred day moving average price is $11.06. The company has a market capitalization of $162.76 million, a PE ratio of -32.15 and a beta of 1.53.

Joint (NASDAQ:JYNT - Get Free Report) last posted 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 company had revenue of $13.27 million during the quarter, compared to the consensus estimate of $13.32 million. Joint had a negative net margin of 7.02% and a positive return on equity of 0.60%. As a group, equities analysts anticipate that The Joint Corp. will post 0.11 earnings per share for the current fiscal year.

Joint announced that its Board of Directors has initiated a stock buyback plan on Thursday, June 5th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the company to purchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

JYNT has been the topic of several research reports. B. Riley decreased 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 decreased their target price on shares of Joint from $20.00 to $16.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $16.33.

Institutional Investors Weigh In On Joint

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. JCP Investment Management LLC acquired a new stake in Joint in the second quarter valued at about $5,526,000. Alta Fox Capital Management LLC acquired a new position in Joint during the first quarter worth about $5,035,000. Topline Capital Management LLC bought a new position in shares of Joint in the fourth quarter worth about $3,458,000. Nuveen LLC bought a new position in shares of Joint in the first quarter worth about $860,000. Finally, Geode Capital Management LLC boosted its stake in shares of Joint by 17.6% in the 2nd quarter. Geode Capital Management LLC now owns 345,330 shares of the company's stock valued at $3,986,000 after purchasing an additional 51,704 shares in the last quarter. 76.88% of the stock is currently owned by institutional investors.

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.