Cricut (NASDAQ:CRCT) Sets New 12-Month Low – Here’s Why

Cricut, Inc. (NASDAQ:CRCT)’s stock price hit a new 52-week low during mid-day trading 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wall Street Zen lowered Cricut from a “buy” rating to a “hold” rating in a research note on Saturday, November 29th. Weiss Ratings raised Cricut from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday. UBS Group reissued a “cautious” rating on shares of Cricut in a report on Wednesday. Barclays reissued an “underweight” rating and issued a $4.00 target price on shares of Cricut in a research report on Wednesday. Finally, The Goldman Sachs Group decreased their price target on shares of Cricut from $3.50 to $3.00 and set a “sell” rating on the stock in a research note on Wednesday, January 14th. One research analyst has rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, Cricut presently has an average rating of “Strong Sell” and an average price target of $3.67.

Cricut Stock Performance

The company has a fifty day simple moving average of $4.56 and a two-hundred day simple moving average of $5.14. The stock has a market capitalization of $842.75 million, a price-to-earnings ratio of 11.06 and a beta of 0.17.

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

Insider Buying and Selling at Cricut

In related news, CEO Arora Ashish sold 13,458 shares of Cricut stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $4.25, for a total value of $57,196.50. Following the transaction, the chief executive officer directly owned 3,724,995 shares of the company’s stock, valued at $15,831,228.75. This trade represents a 0.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders have sold 297,623 shares of company stock worth $1,380,063. Corporate insiders own 18.61% of the company’s stock.

Hedge Funds Weigh In On Cricut

Several hedge funds and other institutional investors have recently modified their holdings of CRCT. First Trust Advisors LP boosted its stake in Cricut by 1.3% in the second quarter. First Trust Advisors LP now owns 154,368 shares of the company’s stock valued at $1,045,000 after buying an additional 1,977 shares in the last quarter. Royce & Associates LP increased its position in Cricut by 8.2% during the 3rd quarter. Royce & Associates LP now owns 28,583 shares of the company’s stock worth $180,000 after purchasing an additional 2,176 shares in the last quarter. Deutsche Bank AG boosted its position in Cricut by 6.0% in the fourth quarter. Deutsche Bank AG now owns 41,949 shares of the company’s stock valued at $208,000 after buying an additional 2,374 shares in the last quarter. Osaic Holdings Inc. grew its stake in shares of Cricut by 255.9% during the second quarter. Osaic Holdings Inc. now owns 3,644 shares of the company’s stock worth $25,000 after buying an additional 2,620 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Cricut by 9.1% during the third quarter. Exchange Traded Concepts LLC now owns 40,407 shares of the company’s stock worth $254,000 after buying an additional 3,370 shares in the last quarter. Institutional investors 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.