Cricut, Inc. (NASDAQ:CRCT) Stock Rated “Reduce” by Sell-Side Brokerages

Cricut, Inc. (NASDAQ:CRCT) has been given a consensus rating of “Reduce” by the six brokerages that are currently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $4.07.

Several analysts recently weighed in on the company. Morgan Stanley reissued an “underweight” rating and set a $3.70 price target on shares of Cricut in a report on Wednesday, August 5th. Zacks Research raised Cricut from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Weiss Ratings upgraded Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group started coverage on Cricut in a report on Wednesday, August 19th. They set a “sell” rating and a $4.50 target price for the company.

Cricut Stock Performance

NASDAQ:CRCT opened at $6.33 on Thursday. The stock’s 50-day simple moving average is $5.49 and its 200 day simple moving average is $4.70. The company has a market cap of $1.33 billion, a P/E ratio of 14.72 and a beta of 0.25. Cricut has a 52-week low of $3.73 and a 52-week high of $6.55.

Cricut (NASDAQ:CRCT) last issued its earnings results on Tuesday, August 4th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.13. The business had revenue of $156.28 million for the quarter, compared to the consensus estimate of $159.95 million. Cricut had a net margin of 12.71% and a return on equity of 24.57%. As a group, equities analysts predict that Cricut will post 0.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cricut news, CEO Ashish Arora sold 60,000 shares of the firm’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $5.68, for a total value of $340,800.00. Following the sale, the chief executive officer owned 5,417,105 shares of the company’s stock, valued at approximately $30,769,156.40. This trade represents a 1.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ryan Harmer sold 10,000 shares of Cricut stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $5.70, for a total value of $57,000.00. Following the completion of the transaction, the insider owned 314,428 shares in the company, valued at approximately $1,792,239.60. The trade was a 3.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 490,000 shares of company stock valued at $2,728,800. Corporate insiders own 16.48% of the company’s stock.

Institutional Trading of Cricut

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in Cricut by 30.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company’s stock worth $3,687,000 after purchasing an additional 229,663 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Cricut by 2.7% in the 1st quarter. Renaissance Technologies LLC now owns 879,143 shares of the company’s stock valued at $3,288,000 after buying an additional 23,300 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Cricut in the second quarter valued at about $2,409,000. Empowered Funds LLC increased its stake in shares of Cricut by 18.1% in the first quarter. Empowered Funds LLC now owns 420,595 shares of the company’s stock valued at $1,573,000 after buying an additional 64,362 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Cricut by 124.4% during the first quarter. Bank of America Corp DE now owns 116,790 shares of the company’s stock worth $437,000 after acquiring an additional 64,737 shares during the last quarter. Institutional investors own 19.60% of the company’s stock.

Cricut Company Profile

Cricut, Inc develops creative technology products that enable consumers to design and make personalized projects. Its ecosystem combines connected cutting, writing, scoring, and heat-transfer machines with digital design tools, project content, and a broad range of craft materials and accessories.

The company’s product portfolio includes Cricut smart cutting machines, such as the Explore, Maker, and Joy families, as well as heat-press equipment and related tools. These products are used for applications including apparel decoration, paper crafts, home décor, personalized gifts, signage, and other do-it-yourself projects.

Cricut also operates a digital platform that provides design software, ready-to-make projects, fonts, images, and subscription-based content.