Cricut’s (CRCT) Sell Rating Reiterated at Citigroup

Cricut (NASDAQ:CRCT)‘s stock had its “sell” rating reissued by research analysts at Citigroup in a report released on Monday, Marketbeat reports. They presently have a $4.00 price objective on the stock, down from their prior price objective of $6.00. Citigroup’s target price suggests a potential downside of 18.20% from the stock’s current price.

Separately, Morgan Stanley lowered their target price on Cricut from $3.90 to $3.80 and set an “underweight” rating for the company in a report on Thursday, March 6th.

Cricut Stock Up 0.8 %

CRCT opened at $4.89 on Monday. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 17.46 and a beta of -0.02. Cricut has a twelve month low of $4.53 and a twelve month high of $8.40. The company has a 50-day simple moving average of $5.40 and a 200 day simple moving average of $5.74.

Cricut (NASDAQ:CRCT) last issued its earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. Cricut had a return on equity of 12.36% and a net margin of 8.47%. The firm had revenue of $209.31 million for the quarter, compared to the consensus estimate of $214.41 million. Sell-side analysts anticipate that Cricut will post 0.28 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Arora Ashish sold 21,250 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.86, for a total transaction of $124,525.00. Following the transaction, the chief executive officer now owns 3,694,127 shares in the company, valued at $21,647,584.22. The trade was a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders sold 270,009 shares of company stock worth $1,519,869. Company insiders own 18.02% of the company’s stock.

Institutional Investors Weigh In On Cricut

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its stake in shares of Cricut by 779.4% in the 3rd quarter. FMR LLC now owns 19,840 shares of the company’s stock valued at $137,000 after buying an additional 17,584 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cricut by 6.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 87,528 shares of the company’s stock valued at $607,000 after acquiring an additional 5,613 shares during the period. State Street Corp increased its holdings in shares of Cricut by 3.2% during the third quarter. State Street Corp now owns 1,019,025 shares of the company’s stock valued at $7,062,000 after acquiring an additional 31,584 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Cricut during the third quarter worth approximately $168,000. Finally, Barclays PLC lifted its holdings in shares of Cricut by 366.6% in the 3rd quarter. Barclays PLC now owns 76,440 shares of the company’s stock worth $529,000 after purchasing an additional 60,058 shares in the last quarter. 19.60% of the stock is owned by 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.