Joint (NASDAQ:JYNT) Share Price Passes Above Fifty Day Moving Average - What's Next?

The Joint Corp. (NASDAQ:JYNT - Get Free Report)'s share price passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $11.22 and traded as high as $11.70. Joint shares last traded at $11.46, with a volume of 31,361 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital dropped their price objective on Joint from $20.00 to $16.00 and set a "buy" rating for the company in a research note on Friday, May 9th.

Joint Stock Performance

The firm has a market cap of $173.31 million, a price-to-earnings ratio of -19.53 and a beta of 1.49. The company's fifty day moving average is $11.27 and its two-hundred day moving average is $11.08.

Joint (NASDAQ:JYNT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). The business had revenue of $13.08 million during the quarter, compared to the consensus estimate of $13.02 million. Joint had a positive return on equity of 1.60% and a negative net margin of 9.86%. As a group, analysts forecast 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 repurchase plan on Thursday, June 5th that permits the company to buyback $5.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of Joint

Hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Joint by 4.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 216,254 shares of the company's stock worth $2,299,000 after buying an additional 10,074 shares during the period. Northern Trust Corp boosted its position in shares of Joint by 4.1% in the fourth quarter. Northern Trust Corp now owns 131,313 shares of the company's stock valued at $1,396,000 after acquiring an additional 5,220 shares during the period. Wells Fargo & Company MN grew 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. BNP Paribas Financial Markets increased its position 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 acquiring an additional 1,521 shares during the period. Finally, Squarepoint Ops LLC boosted its holdings in Joint by 31.9% in the 4th quarter. Squarepoint Ops LLC now owns 24,583 shares of the company's stock valued at $261,000 after purchasing an additional 5,946 shares during the period. 76.88% of the stock is owned by hedge funds and other 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.