Cricut (NASDAQ:CRCT) Stock Gets Price Target Bump from Barclays

Cricut (NASDAQ:CRCT) had its price target increased by analysts at Barclays from $4.00 to $6.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “underweight” rating on the stock. Barclays‘s target price would indicate a potential downside of 33.80% from the company’s current price.

Other analysts have also recently issued reports about the company. The Goldman Sachs Group initiated coverage on Cricut in a research note on Wednesday, August 19th. They issued a “sell” rating and a $4.50 price target on the stock. Morgan Stanley reaffirmed an “underweight” rating and set a $3.70 price objective on shares of Cricut in a research report on Wednesday, August 5th. Weiss Ratings upgraded Cricut from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Finally, Zacks Research lowered Cricut from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. Two analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Cricut has an average rating of “Strong Sell” and an average price target of $4.73.

Cricut Stock Performance

Shares of NASDAQ:CRCT traded up $0.18 during trading hours on Thursday, reaching $9.06. The stock had a trading volume of 2,025,536 shares, compared to its average volume of 650,548. Cricut has a 1 year low of $3.73 and a 1 year high of $9.70. The firm’s 50 day moving average is $6.13 and its 200-day moving average is $4.89. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 19.58 and a beta of 0.24.

Cricut (NASDAQ:CRCT) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.08. The business had revenue of $188.62 million during the quarter, compared to analysts’ expectations of $172.02 million. Cricut had a net margin of 13.42% and a return on equity of 26.66%. Analysts forecast that Cricut will post 0.32 EPS for the current year.

Insider Activity at Cricut

In related news, CEO Ashish Arora sold 60,000 shares of Cricut stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $5.48, for a total transaction of $328,800.00. Following the sale, the chief executive officer directly owned 4,027,105 shares in the company, valued at $22,068,535.40. This trade represents a 1.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 610,000 shares of company stock valued at $3,613,800. Company insiders own 16.48% of the company’s stock.

Hedge Funds Weigh In On Cricut

Several large investors have recently bought and sold shares of CRCT. Royal Bank of Canada increased its position in shares of Cricut by 265.0% during the first quarter. Royal Bank of Canada now owns 8,165 shares of the company’s stock worth $30,000 after purchasing an additional 5,928 shares in the last quarter. Signaturefd LLC purchased a new stake in shares of Cricut in the 3rd quarter valued at about $43,000. Ethic Inc. acquired a new stake in shares of Cricut in the 3rd quarter valued at about $71,000. AXQ Capital LP acquired a new stake in shares of Cricut in the 2nd quarter valued at about $74,000. Finally, Nisa Investment Advisors LLC grew its stake in Cricut by 145.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 30,739 shares of the company’s stock worth $196,000 after buying an additional 18,207 shares during the last quarter. Institutional investors and hedge funds own 19.60% of the company’s stock.

Cricut Company Profile

Cricut, Inc develops and sells connected cutting machines and related products for do-it-yourself crafting, personalization and small-scale creative production. Its systems are designed to cut, draw, score and apply materials such as paper, vinyl, fabric, leather and iron-on transfers, enabling users to create customized home décor, apparel, gifts and other projects.

The company’s product portfolio includes Cricut smart cutting machines, heat presses, specialized tools and a broad range of consumable materials.