Cricut, Inc. (NASDAQ:CRCT) Stock Has Average Target Price of $4.07

Shares of Cricut, Inc. (NASDAQ:CRCT) have been given a consensus recommendation of “Reduce” by the six analysts that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $4.07.

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

Cricut Stock Performance

Shares of NASDAQ CRCT opened at $6.14 on Thursday. Cricut has a 52-week low of $3.73 and a 52-week high of $6.55. The stock has a market cap of $1.29 billion, a PE ratio of 14.28 and a beta of 0.25. The business has a fifty day moving average of $5.46 and a two-hundred day moving average of $4.68.

Cricut (NASDAQ:CRCT) last announced its quarterly 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. Cricut had a return on equity of 24.57% and a net margin of 12.71%.The firm had revenue of $156.28 million for the quarter, compared to the consensus estimate of $159.95 million. Analysts predict that Cricut will post 0.32 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ashish Arora sold 60,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $5.48, for a total value of $328,800.00. Following the completion of the sale, the chief executive officer directly owned 4,027,105 shares in the company, valued at $22,068,535.40. The trade was a 1.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 the company’s 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 directly owned 314,428 shares in the company, valued at approximately $1,792,239.60. This represents a 3.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 490,000 shares of company stock worth $2,728,800. 16.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cricut

A number of institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp bought a new position in Cricut during the second quarter worth about $2,409,000. Dimensional Fund Advisors LP grew its position 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 in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Cricut during the 2nd quarter worth approximately $355,000. Bank of America Corp DE increased its holdings 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 purchasing an additional 64,737 shares during the period. Finally, Empowered Funds LLC raised its position 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 in the last quarter. Institutional investors own 19.60% of the company’s stock.

About Cricut

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.