Insider Selling: Cricut (NASDAQ:CRCT) CEO Sells $358,800.00 in Stock

Cricut, Inc. (NASDAQ:CRCT) CEO Arora Ashish sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $5.98, for a total value of $358,800.00. Following the sale, the chief executive officer directly owned 4,207,105 shares in the company, valued at $25,158,487.90. This trade represents a 1.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 3rd, Arora Ashish sold 60,000 shares of Cricut stock. The shares were sold at an average price of $4.77, for a total value 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 value of $70,373.80.
• On Wednesday, May 20th, Arora Ashish sold 60,000 shares of Cricut stock. The stock was sold at an average price of $3.95, for a total value of $237,000.00.

Cricut Stock Performance

CRCT opened at $5.84 on Friday. The business’s fifty day moving average is $4.56 and its two-hundred day moving average is $4.37. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 13.58 and a beta of 0.19. Cricut, Inc. has a one year low of $3.73 and a one year high of $6.93.

Cricut (NASDAQ:CRCT) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.13. The business had revenue of $156.28 million during 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, analysts predict that Cricut, Inc. will post 0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Cricut

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Cricut by 3.6% during the third quarter. Vanguard Group Inc. now owns 4,729,857 shares of the company’s stock worth $29,751,000 after acquiring an additional 163,602 shares during the last quarter. Geode Capital Management LLC raised its holdings in Cricut by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 1,417,153 shares of the company’s stock valued at $7,016,000 after acquiring an additional 31,736 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Cricut by 51.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,379,155 shares of the company’s stock valued at $8,675,000 after acquiring an additional 467,934 shares during the last quarter. State Street Corp lifted its stake in shares of Cricut by 0.9% during the 4th quarter. State Street Corp now owns 1,220,292 shares of the company’s stock worth $6,040,000 after purchasing an additional 11,170 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of 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 period. Institutional investors and hedge funds own 19.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on CRCT. The Goldman Sachs Group restated a “sell” rating and set a $3.75 target price on shares of Cricut in a report on Wednesday, May 6th. Weiss Ratings upgraded Cricut from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday. Zacks Research raised Cricut from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Finally, Morgan Stanley reissued an “underweight” rating and issued a $3.70 price target on shares of Cricut in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $3.82.

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.