Zacks Research lowered shares of Cricut (NASDAQ:CRCT – Free Report) from a strong-buy rating to a hold rating in a research note released on Monday morning,Zacks reports.
Several other equities analysts have also recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Cricut in a research note on Wednesday, August 19th. They issued a “sell” rating and a $4.50 price objective on the stock. Morgan Stanley reiterated an “underweight” rating and issued a $3.70 price target on shares of Cricut in a research report on Wednesday, August 5th. Finally, Weiss Ratings upgraded Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Strong Sell” and a consensus price target of $4.07.
View Our Latest Research Report on Cricut
Cricut Trading Down 0.3%
Cricut (NASDAQ:CRCT – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.13. The firm had revenue of $156.28 million for 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%. Research analysts forecast that Cricut will post 0.32 earnings per share for the current year.
Insiders Place Their Bets
In other news, 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 transaction of $57,000.00. Following the sale, the insider directly owned 314,428 shares in the company, valued at $1,792,239.60. This trade represents a 3.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ashish Arora sold 60,000 shares of Cricut stock in a transaction on Monday, October 5th. The shares were sold at an average price of $6.43, for a total transaction of $385,800.00. Following the transaction, the chief executive officer owned 5,088,740 shares in the company, valued at approximately $32,720,598.20. This trade represents a 1.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 610,000 shares of company stock valued at $3,504,600. Corporate insiders own 16.48% of the company’s stock.
Institutional Investors Weigh In On Cricut
A number of institutional investors and hedge funds have recently bought and sold shares of CRCT. Dimensional Fund Advisors LP grew 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 worth $3,687,000 after purchasing an additional 229,663 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Cricut by 2.7% in the 1st quarter. Renaissance Technologies LLC now owns 879,143 shares of the company’s stock worth $3,288,000 after purchasing an additional 23,300 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Cricut by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 557,359 shares of the company’s stock worth $2,085,000 after purchasing an additional 25,642 shares in the last quarter. Empowered Funds LLC boosted its stake in Cricut by 18.1% in the 1st quarter. Empowered Funds LLC now owns 420,595 shares of the company’s stock worth $1,573,000 after purchasing an additional 64,362 shares during the period. Finally, Bank of America Corp DE boosted its stake in 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 during the period. 19.60% of the stock is 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.
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