Cricut (NASDAQ:CRCT) Sets New 1-Year Low – Here’s What Happened

Shares of Cricut, Inc. (NASDAQ:CRCT) hit a new 52-week low on Monday . The company traded as low as $3.88 and last traded at $3.91, with a volume of 150000 shares traded. The stock had previously closed at $4.05.

Analyst Ratings Changes

Several equities analysts have commented on CRCT shares. The Goldman Sachs Group dropped their target price on Cricut from $3.50 to $3.00 and set a “sell” rating for the company in a research report on Wednesday, January 14th. Barclays reissued an “underweight” rating and set a $4.00 target price on shares of Cricut in a report on Wednesday. Wall Street Zen downgraded shares of Cricut from a “buy” rating to a “hold” rating in a research note on Saturday, November 29th. Weiss Ratings raised shares of Cricut from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday. Finally, UBS Group reaffirmed a “cautious” rating on shares of Cricut in a report on Wednesday. One equities research analyst has rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Strong Sell” and a consensus target price of $3.67.

Cricut Stock Down 1.7%

The firm has a market cap of $842.75 million, a P/E ratio of 11.06 and a beta of 0.17. The business’s 50 day moving average is $4.56 and its two-hundred day moving average is $5.14.

Cricut (NASDAQ:CRCT) last issued its quarterly earnings results on Wednesday, March 4th. The company reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. Cricut had a return on equity of 20.44% and a net margin of 10.82%.The firm had revenue of $203.60 million during the quarter, compared to the consensus estimate of $202.22 million. Equities research analysts anticipate that Cricut, Inc. will post 0.28 EPS for the current year.

Insider Buying and Selling

In other Cricut news, CEO Arora Ashish sold 13,458 shares of Cricut stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $4.25, for a total value of $57,196.50. Following the completion of the sale, the chief executive officer directly owned 3,724,995 shares in the company, valued at approximately $15,831,228.75. The trade was a 0.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 297,623 shares of company stock worth $1,380,063 over the last ninety days. Company insiders own 18.61% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Millennium Management LLC boosted its stake in Cricut by 374.5% during the fourth quarter. Millennium Management LLC now owns 982,343 shares of the company’s stock worth $4,863,000 after acquiring an additional 775,330 shares in the last quarter. Algert Global LLC increased its stake in Cricut by 354.9% in the third quarter. Algert Global LLC now owns 615,697 shares of the company’s stock valued at $3,873,000 after purchasing an additional 480,364 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Cricut by 51.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,379,155 shares of the company’s stock valued at $8,675,000 after purchasing an additional 467,934 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Cricut by 76.6% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 906,141 shares of the company’s stock worth $5,700,000 after purchasing an additional 392,951 shares in the last quarter. Finally, Tudor Investment Corp ET AL grew its stake in shares of Cricut by 824.0% in the 3rd quarter. Tudor Investment Corp ET AL now owns 358,213 shares of the company’s stock valued at $2,253,000 after buying an additional 319,447 shares during the period. Institutional investors and hedge funds own 19.60% of the company’s stock.

About Cricut

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.