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Joann is Setting Up to Be a Crafty Buy

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In what may have been a case of lousy timing, Joann Inc. (NASDAQ:JOAN) began its second stint as a publicly-traded company in March 2021. It was supposed to be one of the more intriguing initial public offerings (IPOs) of 2021. Joann was capitalizing on the craft boom that occurred during the pandemic. At the time JOAN stock went public, the company had increased its addressable customer base by 13% since February 1, 2020 and comparable sales were climbing.

However, the company has failed to gain momentum. Despite shooting up by 16% after the company posted a double beat in their last earnings report, JOAN stock fell from its 52-week high and despite many attempts, bulls were rebuffed at every attempt to retake that high. Not only that, but in the last month, the stock has been testing lows around $13.

Yet analysts remain bullish on the company. The consensus 12-month price target for JOAN stock is $18.75........

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