Cricut (NASDAQ:CRCT) Reaches New 1-Year High – What’s Next?

Shares of Cricut, Inc. (NASDAQ:CRCT) reached a new 52-week high during mid-day trading on Tuesday. The company traded as high as $6.66 and last traded at $6.4750, with a volume of 559 shares trading hands. The stock had previously closed at $6.47.

Wall Street Analysts Forecast Growth

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

Cricut Stock Performance

The business’s 50-day moving average is $5.76 and its 200-day moving average is $4.81. The company has a market capitalization of $1.33 billion, a PE ratio of 14.79 and a beta of 0.25.

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

Insider Buying and Selling at Cricut

In other news, CEO Ashish Arora sold 60,000 shares of Cricut stock in a transaction dated 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 transaction, the chief executive officer owned 4,027,105 shares of the company’s stock, 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 Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 610,000 shares of company stock worth $3,504,600 in the last ninety days. 16.48% of the stock is owned by company insiders.

Institutional Trading of Cricut

Institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in shares of Cricut by 30.4% in the first quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company’s stock worth $3,687,000 after buying an additional 229,663 shares in the last quarter. Renaissance Technologies LLC lifted its position in 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 acquiring an additional 23,300 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Cricut in the 2nd quarter valued at approximately $2,409,000. Empowered Funds LLC boosted its stake in Cricut by 18.1% during the 1st quarter. Empowered Funds LLC now owns 420,595 shares of the company’s stock valued at $1,573,000 after purchasing an additional 64,362 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of 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 in the last quarter. 19.60% of the stock is currently owned by institutional investors.

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.