Cricut (NASDAQ:CRCT) Stock Gets Price Target Boost from Barclays

Cricut (NASDAQ:CRCT) had its target price increased by research analysts at Barclays from $4.00 to $6.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “underweight” rating on the stock. Barclays‘s target price would indicate a potential downside of 31.66% from the stock’s previous close.

Several other research firms also recently weighed in on CRCT. Morgan Stanley restated an “underweight” rating and set a $3.70 target price on shares of Cricut in a report on Wednesday, August 5th. Weiss Ratings raised shares of Cricut from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. The Goldman Sachs Group began coverage on shares of Cricut in a research report on Wednesday, August 19th. They issued a “sell” rating and a $4.50 price target on the stock. Finally, Zacks Research cut shares of Cricut from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. Two equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Strong Sell” and a consensus price target of $4.73.

Cricut Price Performance

Cricut stock traded down $0.47 during trading hours on Thursday, hitting $8.78. The stock had a trading volume of 2,416,197 shares, compared to its average volume of 627,208. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 19.09 and a beta of 0.24. Cricut has a 1-year low of $3.73 and a 1-year high of $9.70. The stock’s fifty day moving average is $6.26 and its two-hundred day moving average is $4.94.

Cricut (NASDAQ:CRCT) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.08. Cricut had a return on equity of 24.57% and a net margin of 12.71%. The business had revenue of $188.62 million during the quarter, compared to the consensus estimate of $172.02 million. As a group, sell-side analysts anticipate that Cricut will post 0.32 EPS for the current year.

Insider Activity at Cricut

In other Cricut news, CEO Ashish Arora sold 60,000 shares of Cricut stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $6.26, for a total value of $375,600.00. Following the completion of the sale, the chief executive officer owned 4,908,740 shares in the company, valued at $30,728,712.40. The trade was a 1.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 stock was sold at an average price of $5.70, for a total value of $57,000.00. Following the sale, the insider owned 314,428 shares of the company’s stock, valued at approximately $1,792,239.60. The trade was a 3.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 610,000 shares of company stock valued at $3,613,800 over the last ninety days. 16.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cricut

Institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised 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 purchasing an additional 229,663 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Cricut by 2.7% in the 1st quarter. Renaissance Technologies LLC now owns 879,143 shares of the company’s stock valued at $3,288,000 after purchasing an additional 23,300 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Cricut during the 2nd quarter worth about $2,409,000. Empowered Funds LLC grew its holdings in shares of Cricut by 18.1% during the 1st quarter. Empowered Funds LLC now owns 420,595 shares of the company’s stock worth $1,573,000 after purchasing an additional 64,362 shares during the period. Finally, Alps Advisors Inc. acquired a new stake in Cricut during the 3rd quarter worth approximately $655,000. Hedge funds and other institutional investors own 19.60% of the company’s stock.

Cricut Company Profile

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.