Cricut (NASDAQ:CRCT) Hits New 12-Month High – Here’s Why

Shares of Cricut, Inc. (NASDAQ:CRCT) reached a new 52-week high on Thursday. The company traded as high as $6.82 and last traded at $6.7750, with a volume of 120,271 shares traded. The stock had previously closed at $6.49.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Morgan Stanley restated an “underweight” rating and issued a $3.70 target price on shares of Cricut in a research note on Wednesday, August 5th. Zacks Research cut Cricut from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. Weiss Ratings raised Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group initiated coverage on shares of Cricut in a report on Wednesday, August 19th. They set a “sell” rating and a $4.50 target price on the stock. Two analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Strong Sell” and an average target price of $4.07.

Cricut Trading Up 3.3%

The firm has a market capitalization of $1.40 billion, a P/E ratio of 15.57 and a beta of 0.25. The business’s 50 day simple moving average is $5.91 and its two-hundred day simple moving average is $4.90.

Cricut (NASDAQ:CRCT) last issued its earnings results on Tuesday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $159.95 million. Analysts predict that Cricut, Inc. will post 0.32 EPS for the current fiscal year.

Insider Buying and Selling at Cricut

In other news, CEO Ashish Arora sold 60,000 shares of the company’s stock in a transaction on Monday, October 5th. The stock was sold at an average price of $6.43, for a total transaction of $385,800.00. Following the transaction, the chief executive officer directly owned 5,088,740 shares of the company’s stock, valued at $32,720,598.20. This represents a 1.17% decrease in their ownership of the stock. The sale 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 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 sale, the insider directly owned 314,428 shares in the company, valued at $1,792,239.60. This trade represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 610,000 shares of company stock worth $3,504,600. Company insiders own 16.48% of the company’s stock.

Institutional Trading of Cricut

A number of institutional investors have recently made changes to their positions in the stock. AXQ Capital LP bought a new stake in shares of Cricut in the second quarter worth approximately $74,000. Public Employees Retirement System of Ohio purchased a new stake in Cricut in the second quarter worth approximately $355,000. Bank of New York Mellon Corp purchased a new stake in Cricut in the second quarter worth approximately $2,409,000. Bank of America Corp DE grew its position in Cricut by 124.4% in the 1st 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, Royal Bank of Canada increased its position in Cricut by 265.0% during the first quarter. Royal Bank of Canada now owns 8,165 shares of the company’s stock valued at $30,000 after acquiring an additional 5,928 shares during the last quarter. Hedge funds and other institutional investors own 19.60% of the company’s stock.

Cricut Company Profile

Cricut, Inc develops and sells digital crafting technology that enables users to design, make and personalize projects. Its ecosystem includes connected cutting, heat-press, engraving and other crafting machines, along with the company’s Design Space software, which allows users to create projects, prepare designs and operate compatible devices.

The company also offers a broad selection of consumable materials and accessories, including vinyl, iron-on materials, paper, specialty fabrics, cutting tools, replacement components and related crafting supplies.