Cricut (NASDAQ:CRCT) Shares Up 4.8%

Cricut, Inc. (NASDAQ:CRCT)’s share price rose 4.8% on Thursday . The company traded as high as $5.28 and last traded at $5.23. Approximately 312,489 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 872,754 shares. The stock had previously closed at $4.99.

Wall Street Analyst Weigh In

CRCT has been the topic of several recent research reports. The Goldman Sachs Group decreased their target price on shares of Cricut from $7.00 to $5.75 and set a “neutral” rating on the stock in a research report on Wednesday, March 6th. Barclays lowered their price objective on Cricut from $6.00 to $4.00 and set an “underweight” rating for the company in a research note on Thursday, March 7th. Finally, Citigroup cut their target price on Cricut from $8.50 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 6th.

Cricut Stock Performance

The company has a market capitalization of $1.14 billion, a P/E ratio of 21.96 and a beta of 0.11. The firm’s fifty day moving average is $4.96 and its 200 day moving average is $6.33.

Cricut (NASDAQ:CRCT) last released its earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). Cricut had a net margin of 7.01% and a return on equity of 9.59%. The business had revenue of $231.25 million for the quarter, compared to the consensus estimate of $252.67 million. During the same period in the prior year, the company posted $0.05 EPS. The company’s quarterly revenue was down 17.6% compared to the same quarter last year. On average, analysts forecast that Cricut, Inc. will post 0.25 EPS for the current year.

Insider Buying and Selling at Cricut

In other news, major shareholder Abdiel Capital Management, Llc sold 1,000,000 shares of Cricut stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $4.83, for a total transaction of $4,830,000.00. Following the completion of the sale, the insider now directly owns 5,273,978 shares in the company, valued at $25,473,313.74. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 18.02% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cricut

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Cricut by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 3,298,710 shares of the company’s stock worth $21,738,000 after purchasing an additional 97,929 shares in the last quarter. Morgan Stanley grew its position in shares of Cricut by 6.0% during the 3rd quarter. Morgan Stanley now owns 3,115,883 shares of the company’s stock worth $28,947,000 after buying an additional 176,487 shares in the last quarter. BlackRock Inc. grew its position in shares of Cricut by 426.3% during the 2nd quarter. BlackRock Inc. now owns 3,046,653 shares of the company’s stock worth $37,169,000 after buying an additional 2,467,826 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Cricut by 128.4% during the second quarter. Geode Capital Management LLC now owns 908,932 shares of the company’s stock valued at $11,089,000 after buying an additional 510,930 shares during the period. Finally, State Street Corp raised its holdings in shares of Cricut by 441.0% in the second quarter. State Street Corp now owns 869,576 shares of the company’s stock valued at $11,472,000 after acquiring an additional 708,834 shares in the last quarter. 19.60% of the stock is owned by hedge funds and other institutional investors.

Cricut Company Profile

Cricut, Inc engages in the design, marketing, and distribution of a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates through three segments: Connected Machines, Subscriptions, and Accessories and Materials. The company offers connected machines, design apps, and accessories and materials for users to create personalized birthday cards, mugs, T-shirts, and large-scale interior decorations.