The Joint Corp. (NASDAQ:JYNT) Sees Significant Growth in Short Interest

The Joint Corp. (NASDAQ:JYNT) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 942,100 shares, a growth of 8.0% from the August 15th total of 872,200 shares. Based on an average daily volume of 125,700 shares, the days-to-cover ratio is currently 7.5 days. Currently, 6.6% of the company’s shares are sold short.

Joint Stock Performance

Shares of JYNT stock opened at $9.50 on Tuesday. Joint has a one year low of $8.76 and a one year high of $20.00. The company’s 50-day moving average is $11.41 and its 200 day moving average is $13.71. The company has a market capitalization of $139.46 million, a price-to-earnings ratio of 45.24 and a beta of 1.44. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.94 and a current ratio of 0.94.

Joint (NASDAQ:JYNT) last announced its quarterly earnings data on Wednesday, September 13th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.02). The firm had revenue of $29.31 million for the quarter, compared to analysts’ expectations of $29.85 million. Joint had a net margin of 2.81% and a return on equity of 9.54%. Sell-side analysts expect that Joint will post 0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Bandera Partners Llc acquired 16,673 shares of the firm’s stock in a transaction on Friday, June 23rd. The stock was acquired at an average cost of $13.07 per share, for a total transaction of $217,916.11. Following the acquisition, the insider now owns 2,644,659 shares of the company’s stock, valued at $34,565,693.13. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders purchased 878,291 shares of company stock worth $8,978,485. 4.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Joint

A number of institutional investors have recently made changes to their positions in the stock. Alliancebernstein L.P. boosted its holdings in shares of Joint by 8.6% during the 2nd quarter. Alliancebernstein L.P. now owns 21,720 shares of the company’s stock valued at $293,000 after acquiring an additional 1,720 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Joint by 118.6% during the 2nd quarter. Wells Fargo & Company MN now owns 5,947 shares of the company’s stock valued at $80,000 after acquiring an additional 3,227 shares during the last quarter. O Brien Greene & Co. Inc boosted its holdings in shares of Joint by 49.2% in the second quarter. O Brien Greene & Co. Inc now owns 91,020 shares of the company’s stock worth $1,229,000 after buying an additional 30,000 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Joint by 4.6% in the second quarter. Goldman Sachs Group Inc. now owns 350,027 shares of the company’s stock worth $4,725,000 after buying an additional 15,373 shares during the last quarter. Finally, Point72 Middle East FZE purchased a new position in shares of Joint in the second quarter worth approximately $45,000. Hedge funds and other institutional investors own 87.61% of the company’s stock.

Wall Street Analysts Forecast Growth

JYNT has been the subject of several research reports. Roth Mkm decreased their price target on shares of Joint from $16.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday, September 14th. Lake Street Capital decreased their price target on shares of Joint from $50.00 to $30.00 in a research note on Monday. StockNews.com started coverage on shares of Joint in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Maxim Group downgraded shares of Joint from a “buy” rating to a “hold” rating in a research report on Friday, August 11th.

About Joint

The Joint Corp. develops, owns, operates, supports, and manages chiropractic clinics. The company operates in two segments, Corporate Clinics and Franchise Operations. It operates through direct ownership, management arrangements, franchising, and regional developers. As of March 1, 2022, the company operated approximately 700 locations in the United States.