Analysts Set Cricut, Inc. (NASDAQ:CRCT) Target Price at $3.88

Shares of Cricut, Inc. (NASDAQ:CRCT) have earned an average rating of “Reduce” from the six brokerages that are presently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $3.8167.

A number of research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $3.75 price target on shares of Cricut in a research note on Wednesday, May 6th. Morgan Stanley reiterated an “underweight” rating and set a $3.70 price target on shares of Cricut in a report on Wednesday, August 5th. Finally, Zacks Research raised shares of Cricut from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 5th.

Cricut Price Performance

CRCT stock opened at $5.97 on Wednesday. Cricut has a 1-year low of $3.73 and a 1-year high of $6.93. The business has a 50 day simple moving average of $4.62 and a two-hundred day simple moving average of $4.39. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 13.88 and a beta of 0.19.

Cricut (NASDAQ:CRCT) last issued its earnings results on Tuesday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.13. Cricut had a return on equity of 24.57% and a net margin of 12.71%.The firm had revenue of $156.28 million for the quarter, compared to analysts’ expectations of $159.95 million. Sell-side analysts anticipate that Cricut will post 0.32 EPS for the current fiscal year.

Insider Activity

In other news, CEO Arora Ashish sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $5.98, for a total transaction of $358,800.00. Following the transaction, the chief executive officer directly owned 4,207,105 shares of the company’s stock, valued at approximately $25,158,487.90. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ryan Harmer sold 17,267 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $4.12, for a total value of $71,140.04. Following the completion of the sale, the insider owned 325,579 shares of the company’s stock, valued at $1,341,385.48. The trade was a 5.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 213,633 shares of company stock worth $1,023,514 in the last ninety days. 16.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cricut

Large investors have recently added to or reduced their stakes in the company. Jane Street Group LLC raised its position in shares of Cricut by 43.7% in the 1st quarter. Jane Street Group LLC now owns 20,176 shares of the company’s stock valued at $104,000 after purchasing an additional 6,140 shares during the last quarter. Legal & General Group Plc grew its position in Cricut by 15.8% during the 2nd quarter. Legal & General Group Plc now owns 59,246 shares of the company’s stock worth $401,000 after purchasing an additional 8,095 shares during the last quarter. Franklin Resources Inc. acquired a new position in Cricut during the 2nd quarter valued at approximately $232,000. Russell Investments Group Ltd. increased its stake in Cricut by 288.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 21,017 shares of the company’s stock valued at $142,000 after purchasing an additional 15,610 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Cricut by 20.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 911,221 shares of the company’s stock worth $6,169,000 after buying an additional 157,448 shares during the last quarter. 19.60% of the stock is currently owned by institutional investors.

Cricut Company Profile

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.