Cricut (NASDAQ:CRCT) Sets New 52-Week High – Here’s What Happened

Cricut, Inc. (NASDAQ:CRCT) reached a new 52-week high during trading on Wednesday. The company traded as high as $6.49 and last traded at $6.4710, with a volume of 25474 shares trading hands. The stock had previously closed at $6.41.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Morgan Stanley reissued an “underweight” rating and set a $3.70 price objective on shares of Cricut 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 research note on Thursday, August 6th. The Goldman Sachs Group assumed coverage on shares of Cricut in a research report on Wednesday, August 19th. They set a “sell” rating and a $4.50 price target on the stock. Finally, Zacks Research upgraded Cricut from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $4.07.

Cricut Trading Up 0.5%

The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 15.01 and a beta of 0.25. The company has a 50-day moving average of $5.53 and a 200-day moving average of $4.71.

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

Insider Activity

In other Cricut news, insider Ryan Harmer sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $5.70, for a total value of $57,000.00. Following the transaction, the insider owned 314,428 shares of the company’s stock, valued at $1,792,239.60. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ashish Arora sold 60,000 shares of Cricut stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $5.48, for a total value of $328,800.00. Following the completion of the transaction, the chief executive officer owned 4,027,105 shares of the company’s stock, valued at approximately $22,068,535.40. The trade was a 1.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 490,000 shares of company stock valued at $2,728,800 over the last ninety days. Company insiders own 16.48% of the company’s stock.

Institutional Trading of Cricut

Large investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its stake in Cricut by 57,811.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,212 shares of the company’s stock valued at $26,000 after purchasing an additional 5,203 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Cricut by 265.0% during the 1st quarter. Royal Bank of Canada now owns 8,165 shares of the company’s stock valued at $30,000 after buying an additional 5,928 shares during the last quarter. E6 Portfolios LLC acquired a new stake in shares of Cricut during the 4th quarter valued at about $75,000. AXQ Capital LP bought a new stake in shares of Cricut in the 2nd quarter valued at approximately $74,000. Finally, Diversified Trust Co acquired a new position in Cricut in the first quarter worth approximately $67,000. Institutional investors and hedge funds own 19.60% of the company’s stock.

Cricut Company Profile

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.