Cricut (NASDAQ:CRCT – Get Free Report) was upgraded by stock analysts at The Goldman Sachs Group to a “strong sell” rating in a research report issued on Wednesday,Zacks.com reports.
Several other brokerages have also weighed in on CRCT. Weiss Ratings upgraded shares of Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Zacks Research raised Cricut from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $3.70 price target on shares of Cricut in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $4.07.
View Our Latest Stock Analysis on Cricut
Cricut Stock Performance
Cricut (NASDAQ:CRCT – Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.13. Cricut had a return on equity of 24.57% and a net margin of 12.71%.The firm had revenue of $156.28 million during the quarter, compared to analyst estimates of $159.95 million. On average, sell-side analysts anticipate that Cricut will post 0.32 earnings per share for the current fiscal year.
Insider Transactions at Cricut
In other news, CEO Arora Ashish sold 60,000 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $5.48, for a total transaction of $328,800.00. Following the completion of the sale, the chief executive officer owned 4,027,105 shares of the company’s stock, valued at $22,068,535.40. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ryan Harmer sold 17,267 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $4.12, for a total value of $71,140.04. Following the transaction, the insider owned 325,579 shares of the company’s stock, valued at approximately $1,341,385.48. This trade represents a 5.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 273,633 shares of company stock valued at $1,451,314. Insiders own 16.48% of the company’s stock.
Institutional Investors Weigh In On Cricut
Institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC boosted its stake in shares of Cricut by 374.5% in the fourth quarter. Millennium Management LLC now owns 982,343 shares of the company’s stock valued at $4,863,000 after buying an additional 775,330 shares during the period. Bank of New York Mellon Corp acquired a new stake in Cricut during the second quarter worth approximately $2,409,000. Algert Global LLC increased its stake in Cricut by 354.9% during the 3rd quarter. Algert Global LLC now owns 615,697 shares of the company’s stock worth $3,873,000 after acquiring an additional 480,364 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Cricut by 51.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,379,155 shares of the company’s stock worth $8,675,000 after acquiring an additional 467,934 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Cricut by 76.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 906,141 shares of the company’s stock valued at $5,700,000 after acquiring an additional 392,951 shares in the last quarter. Institutional investors own 19.60% of the company’s stock.
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.
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