Cricut (NASDAQ:CRCT) CEO Sells $328,800.00 in Stock

Cricut, Inc. (NASDAQ:CRCT) CEO Arora Ashish sold 60,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $5.48, for a total transaction of $328,800.00. Following the transaction, the chief executive officer directly owned 4,027,105 shares in the company, valued at approximately $22,068,535.40. The trade was a 1.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arora Ashish also recently made the following trade(s):

• On Monday, August 17th, Arora Ashish sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.60, for a total transaction of $336,000.00.
• On Wednesday, August 5th, Arora Ashish sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.98, for a total transaction of $358,800.00.
• On Monday, August 3rd, Arora Ashish sold 60,000 shares of Cricut stock. The shares were sold at an average price of $4.77, for a total transaction of $286,200.00.
• On Monday, June 1st, Arora Ashish sold 16,366 shares of Cricut stock. The shares were sold at an average price of $4.30, for a total transaction of $70,373.80.

Cricut Stock Performance

Shares of NASDAQ CRCT traded down $0.05 during midday trading on Wednesday, reaching $5.43. 1,053,373 shares of the stock were exchanged, compared to its average volume of 587,595. The company has a 50 day simple moving average of $4.77 and a 200 day simple moving average of $4.44. The stock has a market capitalization of $1.14 billion, a P/E ratio of 12.63 and a beta of 0.19. Cricut, Inc. has a twelve month low of $3.73 and a twelve month high of $6.93.

Cricut (NASDAQ:CRCT) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.13. The firm had revenue of $156.28 million for the quarter, compared to analysts’ expectations of $159.95 million. Cricut had a return on equity of 24.57% and a net margin of 12.71%. On average, research analysts expect that Cricut, Inc. will post 0.32 earnings per share for the current year.

Analyst Ratings Changes

CRCT has been the subject of a number of research analyst reports. Zacks Research upgraded Cricut from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Weiss Ratings upgraded shares of Cricut from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. The Goldman Sachs Group assumed coverage on shares of Cricut in a research report on Wednesday. They issued a “sell” rating and a $4.50 target price on the stock. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $3.70 target price on shares of Cricut in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $4.07.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRCT. Jane Street Group LLC grew its stake in shares of Cricut by 43.7% in the first quarter. Jane Street Group LLC now owns 20,176 shares of the company’s stock valued at $104,000 after buying an additional 6,140 shares in the last quarter. Legal & General Group Plc boosted its holdings in Cricut by 15.8% during the 2nd quarter. Legal & General Group Plc now owns 59,246 shares of the company’s stock valued at $401,000 after acquiring an additional 8,095 shares during the period. Franklin Resources Inc. purchased a new position in Cricut during the 2nd quarter valued at about $232,000. Russell Investments Group Ltd. grew its position in Cricut by 288.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 21,017 shares of the company’s stock valued at $142,000 after acquiring an additional 15,610 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Cricut by 20.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 911,221 shares of the company’s stock valued at $6,169,000 after acquiring an additional 157,448 shares in the last quarter. 19.60% of the stock is currently owned by institutional investors and hedge funds.

About Cricut

Cricut, Inc (NASDAQ: CRCT) is a U.S.-based technology company specializing in personal and small-business crafting solutions. The company designs and markets a family of cutting machines that leverage computer-aided design to precisely cut a wide range of materials, including paper, vinyl, fabric and leather. Complementing its hardware offerings, Cricut provides proprietary software and mobile applications that enable users to create custom artwork, import graphics and access a vast library of pre-designed projects and fonts through a subscription service.

Founded as a division of Provo Craft & Novelty in 2005, Cricut emerged as an independent public company in March 2021.