Cricut, Inc. (NASDAQ:CRCT – Get Free Report) has been assigned an average rating of “Reduce” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $4.07.
A number of analysts recently issued reports on the stock. Zacks Research upgraded shares of Cricut from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. The Goldman Sachs Group started coverage on shares of Cricut in a research note on Wednesday, August 19th. They issued a “sell” rating and a $4.50 target price on the stock. Morgan Stanley restated an “underweight” rating and set a $3.70 price target on shares of Cricut in a research note on Wednesday, August 5th. Finally, Weiss Ratings raised shares of Cricut from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th.
Check Out Our Latest Report on Cricut
Cricut Stock Down 0.5%
Cricut (NASDAQ:CRCT – Get Free Report) last issued 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. The company had revenue of $156.28 million during the quarter, compared to the consensus estimate of $159.95 million. Cricut had a return on equity of 24.57% and a net margin of 12.71%. As a group, research analysts expect that Cricut will post 0.32 EPS for the current fiscal year.
Insiders Place Their Bets
In other Cricut news, 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 sale, the insider directly owned 314,428 shares in the company, valued at $1,792,239.60. The trade was a 3.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ashish Arora sold 60,000 shares of the company’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $5.68, for a total value of $340,800.00. Following the transaction, the chief executive officer directly owned 5,417,105 shares in the company, valued at $30,769,156.40. This represents a 1.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 490,000 shares of company stock valued at $2,728,800 over the last three months. Company insiders own 16.48% of the company’s stock.
Institutional Investors Weigh In On Cricut
Several institutional investors have recently added to or reduced their stakes in CRCT. Dimensional Fund Advisors LP lifted its stake in shares of Cricut by 30.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company’s stock valued at $3,687,000 after buying an additional 229,663 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Cricut by 2.7% during 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 during the period. Bank of New York Mellon Corp lifted its position in shares of Cricut by 4.8% during the first quarter. Bank of New York Mellon Corp now owns 557,359 shares of the company’s stock worth $2,085,000 after acquiring an additional 25,642 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Cricut by 18.1% during the first quarter. Empowered Funds LLC now owns 420,595 shares of the company’s stock worth $1,573,000 after acquiring an additional 64,362 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Cricut by 124.4% in the first quarter. Bank of America Corp DE now owns 116,790 shares of the company’s stock worth $437,000 after acquiring an additional 64,737 shares during the period. 19.60% of the stock is owned by hedge funds and other institutional investors.
About Cricut
Cricut, Inc develops creative technology products that enable consumers to design and make personalized projects. Its ecosystem combines connected cutting, writing, scoring, and heat-transfer machines with digital design tools, project content, and a broad range of craft materials and accessories.
The company’s product portfolio includes Cricut smart cutting machines, such as the Explore, Maker, and Joy families, as well as heat-press equipment and related tools. These products are used for applications including apparel decoration, paper crafts, home décor, personalized gifts, signage, and other do-it-yourself projects.
Cricut also operates a digital platform that provides design software, ready-to-make projects, fonts, images, and subscription-based content.
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