Cricut (NASDAQ:CRCT) Upgraded to “Strong Sell” at The Goldman Sachs Group

Cricut (NASDAQ:CRCT) was upgraded by investment analysts at The Goldman Sachs Group to a “strong sell” rating in a research note issued on Wednesday,Zacks.com reports.

Several other equities analysts also recently issued reports on CRCT. Morgan Stanley reaffirmed an “underweight” rating and set a $3.70 price target on shares of Cricut in a research note on Wednesday, August 5th. Zacks Research raised shares of Cricut from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings upgraded Cricut from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $4.07.

Cricut Stock Performance

Shares of CRCT opened at $5.43 on Wednesday. Cricut has a 52-week low of $3.73 and a 52-week high of $6.93. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 12.63 and a beta of 0.19. The business’s fifty day moving average is $4.79 and its 200-day moving average is $4.45.

Cricut (NASDAQ:CRCT) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.13. The business had revenue of $156.28 million during the quarter, compared to analysts’ expectations of $159.95 million. Cricut had a net margin of 12.71% and a return on equity of 24.57%. As a group, research analysts forecast that Cricut will post 0.32 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Arora Ashish sold 60,000 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $5.48, for a total value of $328,800.00. Following the completion of the sale, the chief executive officer owned 4,027,105 shares in the company, valued at $22,068,535.40. This represents a 1.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ryan Harmer sold 17,267 shares of the company’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 transaction, the insider directly owned 325,579 shares of the company’s stock, valued at approximately $1,341,385.48. This represents a 5.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 273,633 shares of company stock valued at $1,451,314 in the last three months. Insiders own 16.48% of the company’s stock.

Hedge Funds Weigh In On Cricut

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Cricut by 3.6% in the third quarter. Vanguard Group Inc. now owns 4,729,857 shares of the company’s stock worth $29,751,000 after acquiring an additional 163,602 shares during the period. Geode Capital Management LLC raised its stake in shares of Cricut by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 1,417,153 shares of the company’s stock valued at $7,016,000 after purchasing an additional 31,736 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Cricut by 51.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,379,155 shares of the company’s stock valued at $8,675,000 after purchasing an additional 467,934 shares during the period. State Street Corp lifted its holdings in Cricut by 0.9% during the 4th quarter. State Street Corp now owns 1,220,292 shares of the company’s stock worth $6,040,000 after purchasing an additional 11,170 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Cricut by 30.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company’s stock worth $3,687,000 after purchasing an additional 229,663 shares in the last quarter. Hedge funds and other institutional investors own 19.60% of the company’s stock.

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.