Cricut (NASDAQ:CRCT) Stock Moved Up to Buy by Wall Street Zen

Wall Street Zen upgraded shares of Cricut (NASDAQ:CRCT) from a hold rating to a buy rating in a research report released on Saturday morning,Wall Street Zen reports.

Other research analysts have also recently issued reports about the company. The Goldman Sachs Group assumed coverage on Cricut in a research note on Wednesday, August 19th. They issued a “sell” rating and a $4.50 price objective for the company. Zacks Research lowered Cricut from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. Weiss Ratings upgraded shares of Cricut from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Morgan Stanley reissued an “underweight” rating and set a $3.70 price target on shares of Cricut in a research report on Wednesday, August 5th. Finally, Barclays raised their price target on shares of Cricut from $4.00 to $6.00 and gave the stock an “underweight” rating in a research report on Thursday. Two research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Strong Sell” and an average target price of $4.73.

Cricut Price Performance

NASDAQ CRCT opened at $8.78 on Friday. The company has a market cap of $1.84 billion, a price-to-earnings ratio of 19.09 and a beta of 0.24. The stock’s fifty day moving average price is $6.26 and its 200 day moving average price is $4.94. Cricut has a 1 year low of $3.73 and a 1 year high of $9.70.

Cricut (NASDAQ:CRCT) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.08. The company had revenue of $188.62 million during the quarter, compared to analysts’ expectations of $172.02 million. Cricut had a return on equity of 25.88% and a net margin of 13.42%. Research analysts expect that Cricut will post 0.32 earnings per share for the current year.

Insider Activity

In other Cricut news, insider Ryan Harmer sold 10,000 shares of Cricut stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $5.70, for a total transaction of $57,000.00. Following the completion of the transaction, the insider owned 314,428 shares in the company, valued at approximately $1,792,239.60. This trade represents a 3.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ashish Arora sold 60,000 shares of Cricut stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $6.26, for a total value of $375,600.00. Following the transaction, the chief executive officer owned 4,908,740 shares of the company’s stock, valued at $30,728,712.40. The trade was a 1.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 610,000 shares of company stock worth $3,613,800 over the last ninety days. 16.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in Cricut by 30.4% in the first quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company’s stock valued at $3,687,000 after acquiring an additional 229,663 shares during the period. Renaissance Technologies LLC grew its stake in shares of Cricut by 2.7% during 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 during the period. Bank of New York Mellon Corp acquired a new stake in shares of Cricut during the 2nd quarter worth approximately $2,409,000. Empowered Funds LLC increased its holdings in shares of Cricut by 18.1% during the 1st quarter. Empowered Funds LLC now owns 420,595 shares of the company’s stock valued at $1,573,000 after purchasing an additional 64,362 shares in the last quarter. Finally, Alps Advisors Inc. purchased a new position in shares of Cricut during the 3rd quarter valued at approximately $655,000. 19.60% of the stock is currently owned by hedge funds and other institutional investors.

Cricut Company Profile

Cricut, Inc develops and sells connected cutting machines and related products for do-it-yourself crafting, personalization and small-scale creative production. Its systems are designed to cut, draw, score and apply materials such as paper, vinyl, fabric, leather and iron-on transfers, enabling users to create customized home décor, apparel, gifts and other projects.

The company’s product portfolio includes Cricut smart cutting machines, heat presses, specialized tools and a broad range of consumable materials.