Cricut, Inc. (NASDAQ:CRCT) Stock Now Rated “Strong Sell” by Sell-Side Analysts

Shares of Cricut, Inc. (NASDAQ:CRCT) have earned an average rating of “Strong Sell” from the six analysts that are covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell rating and two have issued a hold rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $4.07.

A number of brokerages recently commented on CRCT. Weiss Ratings raised shares of Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Morgan Stanley restated an “underweight” rating and set a $3.70 target price on shares of Cricut in a report on Wednesday, August 5th. 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 target price on the stock. Finally, Zacks Research downgraded Cricut from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th.

Cricut Price Performance

Shares of Cricut stock opened at $6.25 on Monday. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 14.54 and a beta of 0.25. The firm’s 50-day moving average is $5.98 and its two-hundred day moving average is $5.02. Cricut has a 1 year low of $3.73 and a 1 year high of $6.82.

Cricut (NASDAQ:CRCT) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.19 EPS for the quarter, beating 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 business had revenue of $156.28 million during the quarter, compared to analyst estimates of $159.95 million. On average, equities analysts expect that Cricut will post 0.32 earnings per share for the current year.

Insider Transactions at Cricut

In other news, CEO Ashish Arora sold 60,000 shares of Cricut stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $6.26, for a total value of $375,600.00. Following the transaction, the chief executive officer owned 4,908,740 shares of the company’s stock, valued at $30,728,712.40. The trade was a 1.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 business’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 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 730,000 shares of company stock worth $4,258,800. 16.48% of the stock is owned by corporate insiders.

Institutional Trading of Cricut

Several large investors have recently made changes to their positions in CRCT. Caitong International Asset Management Co. Ltd raised its holdings in shares of Cricut by 57,811.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,212 shares of the company’s stock worth $26,000 after purchasing an additional 5,203 shares during the last quarter. Royal Bank of Canada boosted its holdings in Cricut by 265.0% in the first quarter. Royal Bank of Canada now owns 8,165 shares of the company’s stock valued at $30,000 after purchasing an additional 5,928 shares during the last quarter. Signaturefd LLC purchased a new stake in Cricut in the third quarter valued at $43,000. Diversified Trust Co purchased a new stake in Cricut in the first quarter valued at $67,000. Finally, AXQ Capital LP acquired a new stake in Cricut during the 2nd quarter worth about $74,000. 19.60% of the stock is owned by hedge funds and other institutional investors.

About Cricut

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.