Joint (NASDAQ:JYNT) Stock Price Crosses Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• The Joint Corp. shares fell below their 200-day moving average of $11.11, trading as low as $10.70 during Thursday's session.
• Lake Street Capital has reduced their price target for Joint shares from $20.00 to $16.00 but maintains a "buy" rating.
• The company reported a quarterly EPS of ($0.03), missing analyst expectations, despite generating a revenue of $13.08 million.

Shares of The Joint Corp. (NASDAQ:JYNT - Get Free Report) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $11.11 and traded as low as $10.70. Joint shares last traded at $10.70, with a volume of 52,365 shares traded.

Analysts Set New Price Targets

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

Joint Trading Down 3.9%

The stock has a market cap of $163.71 million, a P/E ratio of -18.45 and a beta of 1.53. The stock's 50-day moving average is $11.47 and its 200-day moving average is $11.11.

Joint (NASDAQ:JYNT - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $13.08 million for the quarter, compared to the consensus estimate of $13.02 million. Joint had a negative net margin of 9.86% and a positive return on equity of 1.60%. On average, equities analysts forecast that The Joint Corp. will post 0.11 EPS for the current year.

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

Hedge Funds Weigh In On Joint

Hedge funds and other institutional investors have recently modified their holdings of the stock. Skylands Capital LLC grew its position in Joint by 1.8% during the 1st quarter. Skylands Capital LLC now owns 752,328 shares of the company's stock worth $9,397,000 after purchasing an additional 13,600 shares in the last quarter. Alta Fox Capital Management LLC purchased a new position in shares of Joint during the first quarter valued at $5,035,000. Topline Capital Management LLC raised its position in Joint by 16.3% during the first quarter. Topline Capital Management LLC now owns 378,294 shares of the company's stock valued at $4,725,000 after buying an additional 52,956 shares during the period. Geode Capital Management LLC lifted its stake in Joint by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 293,133 shares of the company's stock worth $3,116,000 after acquiring an additional 1,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Joint by 4.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 216,254 shares of the company's stock worth $2,299,000 after acquiring an additional 10,074 shares in the last quarter. 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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