Analysts Set Cricut, Inc. (NASDAQ:CRCT) PT at $4.07

Shares of Cricut, Inc. (NASDAQ:CRCT) have been given an average rating of “Reduce” by the six research firms that are presently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $4.0667.

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

Cricut Trading Up 1.6%

NASDAQ CRCT opened at $5.85 on Friday. The company has a fifty day simple moving average of $5.08 and a 200 day simple moving average of $4.54. Cricut has a 12-month low of $3.73 and a 12-month high of $6.93. The company has a market cap of $1.23 billion, a P/E ratio of 13.60 and a beta of 0.25.

Cricut (NASDAQ:CRCT) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.19 EPS for the quarter, beating 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 business had revenue of $156.28 million during the quarter, compared to analyst estimates of $159.95 million. Sell-side analysts predict that Cricut will post 0.32 EPS for the current year.

Insider Buying and Selling at Cricut

In related news, CEO Ashish Arora sold 60,000 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $5.79, for a total value of $347,400.00. Following the completion of the sale, the chief executive officer directly owned 5,717,105 shares of the company’s stock, valued at approximately $33,102,037.95. This represents a 1.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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 firm’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 transaction, the insider owned 314,428 shares in the company, valued at approximately $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. Insiders have sold 310,000 shares of company stock valued at $1,714,200 in the last quarter. 16.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRCT. Vanguard Group Inc. increased its stake in Cricut by 3.6% in the 3rd quarter. Vanguard Group Inc. now owns 4,729,857 shares of the company’s stock valued at $29,751,000 after buying an additional 163,602 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Cricut by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 1,417,153 shares of the company’s stock worth $7,016,000 after buying an additional 31,736 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Cricut by 51.4% in the third 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 in the last quarter. State Street Corp grew its holdings in shares of Cricut by 0.9% in the fourth quarter. State Street Corp now owns 1,220,292 shares of the company’s stock valued at $6,040,000 after acquiring an additional 11,170 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Cricut by 30.4% during the first quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company’s stock valued at $3,687,000 after acquiring an additional 229,663 shares during the last quarter. 19.60% of the stock is currently owned by hedge funds and other institutional investors.

Cricut Company Profile

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.