Cricut (NASDAQ:CRCT) Reaches New 1-Year Low – Here’s What Happened

Shares of Cricut, Inc. (NASDAQ:CRCT) reached a new 52-week low during trading on Friday . The stock traded as low as $3.86 and last traded at $3.8750, with a volume of 39932 shares changing hands. The stock had previously closed at $3.97.

Analyst Upgrades and Downgrades

CRCT has been the subject of several research reports. Wall Street Zen downgraded Cricut from a “buy” rating to a “hold” rating in a research report on Saturday, November 29th. The Goldman Sachs Group dropped their price target on Cricut from $3.50 to $3.00 and set a “sell” rating for the company in a research report on Wednesday, January 14th. Weiss Ratings raised Cricut from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, March 5th. Barclays restated an “underweight” rating and issued a $4.00 price objective on shares of Cricut in a research report on Wednesday, March 4th. Finally, UBS Group reiterated a “cautious” rating on shares of Cricut in a research report on Wednesday, March 4th. One analyst has rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Strong Sell” and an average target price of $3.67.

Cricut Stock Down 2.9%

The firm has a market cap of $816.42 million, a price-to-earnings ratio of 10.71 and a beta of 0.17. The firm has a fifty day moving average price of $4.34 and a 200-day moving average price of $4.98.

Cricut (NASDAQ:CRCT) last released its earnings results on Wednesday, March 4th. The company reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $203.60 million during the quarter, compared to analyst estimates of $202.22 million. Cricut had a return on equity of 20.44% and a net margin of 10.82%. Equities research analysts anticipate that Cricut, Inc. will post 0.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Cricut

In related news, CEO Arora Ashish sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $4.28, for a total value of $256,800.00. Following the sale, the chief executive officer directly owned 3,738,453 shares of the company’s stock, valued at approximately $16,000,578.84. This trade represents a 1.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 235,124 shares of company stock worth $1,064,443. Corporate insiders own 18.61% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CRCT. Corient Private Wealth LLC raised its holdings in shares of Cricut by 34.6% in the 4th quarter. Corient Private Wealth LLC now owns 16,917 shares of the company’s stock worth $84,000 after purchasing an additional 4,349 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of Cricut by 57,811.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,212 shares of the company’s stock valued at $26,000 after purchasing an additional 5,203 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Cricut by 29.7% in the 4th quarter. Invesco Ltd. now owns 132,981 shares of the company’s stock valued at $658,000 after purchasing an additional 30,484 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of Cricut by 52.2% during the 4th quarter. XTX Topco Ltd now owns 81,668 shares of the company’s stock worth $404,000 after purchasing an additional 27,996 shares during the period. Finally, Millennium Management LLC increased its position in Cricut by 374.5% during the 4th quarter. Millennium Management LLC now owns 982,343 shares of the company’s stock worth $4,863,000 after purchasing an additional 775,330 shares in the last quarter. 19.60% of the stock is owned by hedge funds and other 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.