Victory Capital Management Inc. reduces its equity position in The Joint Corp. (NASDAQ:JYNT)
Victory Capital Management Inc. reduced its stake in The Joint Corp. (NASDAQ: JYNT – Get a rating) by 39.9% in the first quarter, according to its latest filing with the Securities & Exchange Commission. The institutional investor held 55,031 shares of the company after selling 36,606 shares during the period. Victory Capital Management Inc. owned approximately 0.38% of Joint worth $1,892,000 at the time of its last filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also changed their positions in the company. Pinebridge Investments LP bought a new position in shares of Joint in Q4 worth $33,000. Point72 Hong Kong Ltd bought a new position in shares of Joint during Q4 for a value of approximately $36,000. Alpha Paradigm Partners LLC purchased a new position in shares of Joint during Q4 worth approximately $215,000. Mesirow Financial Investment Management Inc. bought a new position in shares of Joint during Q1 worth approximately $222,000. Finally, ProShare Advisors LLC increased its stake in Joint shares by 61.9% during the 4th quarter. ProShare Advisors LLC now owns 3,472 shares of the company worth $228,000 after purchasing an additional 1,328 shares during the period. 86.39% of the shares are held by hedge funds and other institutional investors.
Common stock up 3.1%
Shares of NASDAQ JYN opened at $22.53 on Friday. The company has a debt ratio of 0.07, a quick ratio of 1.25 and a current ratio of 0.87. The company has a market capitalization of $325.81 million, a price/earnings ratio of 150.21 and a beta of 1.33. The stock has a 50-day moving average price of $16.26 and a 200-day moving average price of $28.09. The Joint Corp. has a 52 week minimum of $13.10 and a 52 week maximum of $111.06.
Wall Street analysts predict growth
A number of stock analysts have recently commented on JYNT shares. DA Davidson lowered its price target on Joint shares from $13.00 to $12.00 and set an “underperforming” rating for the company in a Monday, August 8 research note. StockNews.com cut Joint shares from a “hold” rating to a “sell” rating in a research note on Friday. Craig Hallum moved Joint shares from a “buy” rating to a “hold” rating and lowered his price target for the stock from $90.00 to $30.00 in a Friday research note May 6. Maxim Group upgraded Joint shares from a “hold” rating to a “buy” rating and set a target price of $36.00 on the stock in a research note on Friday August 5. Finally, Roth Capital reduced its price target on shares of Joint from $75.00 to $40.00 in a Monday, May 9 research note. Two investment analysts have assigned the stock a sell rating, one has assigned a hold rating and three have assigned the company a buy rating. Based on data from MarketBeat, Joint currently has an average rating of “Hold” and an average target price of $33.17.
Insiders place their bets
In related news, major shareholder Bandera Partners Llc purchased 6,593 shares in a transaction on Monday, June 13. The stock was purchased at an average price of $13.86 per share, for a total transaction of $91,378.98. Following the completion of the acquisition, the insider now directly owns 2,111,868 shares of the company, valued at $29,270,490.48. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. 3.50% of the shares are held by insiders of the company.
About the joint
The Joint Corp. develops, owns, operates, supports and manages chiropractic clinics. The Company operates through two segments, corporate clinics and franchise operations. It operates through direct ownership, management arrangements, franchises and regional developers. As of March 1, 2022, the company operated approximately 700 locations in the United States.
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