Wall Street Zen Upgrades Cricut (NASDAQ:CRCT) to “Buy”

Cricut (NASDAQ:CRCT) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

Other research analysts also recently issued reports about the company. Weiss Ratings raised Cricut from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, November 3rd. Morgan Stanley reaffirmed an “underweight” rating and set a $3.70 price objective on shares of Cricut in a report on Wednesday, August 5th. Zacks Research downgraded shares of Cricut from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Barclays raised their target price on shares of Cricut from $4.00 to $6.00 and gave the company an “underweight” rating in a research note on Thursday. Finally, The Goldman Sachs Group started coverage on shares of Cricut in a report on Wednesday, August 19th. They issued a “sell” rating and a $4.50 target price on the stock. Two research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Strong Sell” and a consensus price target of $4.73.

Cricut Price Performance

Cricut stock opened at $8.78 on Friday. Cricut has a one year low of $3.73 and a one year high of $9.70. The company’s fifty day moving average price is $6.26 and its two-hundred day moving average price is $4.94. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 19.09 and a beta of 0.24.

Cricut (NASDAQ:CRCT) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.08. The company had revenue of $188.62 million during the quarter, compared to analysts’ expectations of $172.02 million. Cricut had a return on equity of 25.88% and a net margin of 13.42%. As a group, sell-side analysts anticipate that Cricut will post 0.32 earnings per share for the current year.

Insider Buying and Selling at Cricut

In other 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 transaction, the chief executive officer directly owned 4,027,105 shares of the company’s stock, valued at $22,068,535.40. This trade represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 610,000 shares of company stock valued at $3,613,800. Corporate insiders own 16.48% of the company’s stock.

Institutional Trading of Cricut

Large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new stake in shares of Cricut during the 2nd quarter worth $2,409,000. Dimensional Fund Advisors LP boosted its holdings in shares of Cricut by 30.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company’s stock worth $3,687,000 after buying an additional 229,663 shares during the last quarter. Alps Advisors Inc. purchased a new stake in Cricut during the third quarter worth about $655,000. Public Employees Retirement System of Ohio bought a new stake in Cricut in the second quarter worth about $355,000. Finally, Bank of America Corp DE raised its position in Cricut by 124.4% in 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 period. Institutional investors own 19.60% of the company’s stock.

About Cricut

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.