Joint (NASDAQ:JYNT) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Joint (NASDAQ:JYNT) reported a quarterly earnings per share (EPS) of ($0.06), beating the consensus estimate of ($0.07) by $0.01.
• The company has authorized a stock buyback plan allowing the repurchase of up to $5.00 million in shares, indicating a belief that its stock is undervalued.
• Geode Capital Management LLC increased its stake in Joint by 17.6%, now holding 2.26% of the company, reflecting strong institutional interest.

Joint (NASDAQ:JYNT - Get Free Report) issued its quarterly earnings data on Thursday. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01, Zacks reports. Joint had a positive return on equity of 0.67% and a negative net margin of 7.02%. The firm had revenue of $13.27 million during the quarter, compared to the consensus estimate of $13.32 million.

Joint Price Performance

JYNT traded up $0.04 during trading on Friday, hitting $10.74. The company's stock had a trading volume of 54,106 shares, compared to its average volume of 43,802. The firm's 50 day moving average price is $11.47 and its 200-day moving average price is $11.11. The stock has a market cap of $164.32 million, a PE ratio of -32.55 and a beta of 1.53. Joint has a twelve month low of $9.58 and a twelve month high of $13.47.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Lake Street Capital cut their price objective on 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 cut their price objective on Joint from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Friday.

Joint declared that its Board of Directors has authorized a stock buyback 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Joint stock. Geode Capital Management LLC grew its stake in shares of The Joint Corp. (NASDAQ:JYNT - Free Report) by 17.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 345,330 shares of the company's stock after buying an additional 51,704 shares during the period. Geode Capital Management LLC owned 2.26% of Joint worth $3,986,000 as of its most recent SEC filing. Institutional investors and hedge funds own 76.88% 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.

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