Cricut (NASDAQ:CRCT) CEO Sells $336,000.00 in Stock

Cricut, Inc. (NASDAQ:CRCT) CEO Arora Ashish sold 60,000 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $5.60, for a total transaction of $336,000.00. Following the completion of the sale, the chief executive officer owned 4,147,105 shares of the company’s stock, valued at $23,223,788. The trade was a 1.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arora Ashish also recently made the following trade(s):

• On Wednesday, August 19th, Arora Ashish sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.48, for a total value of $328,800.00.
• On Wednesday, August 5th, Arora Ashish sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.98, for a total value of $358,800.00.
• On Monday, August 3rd, Arora Ashish sold 60,000 shares of Cricut stock. The stock was sold at an average price of $4.77, for a total transaction of $286,200.00.
• On Monday, June 1st, Arora Ashish sold 16,366 shares of Cricut stock. The shares were sold at an average price of $4.30, for a total transaction of $70,373.80.

Cricut Trading Up 3.5%

NASDAQ CRCT opened at $5.59 on Friday. Cricut, Inc. has a 12 month low of $3.73 and a 12 month high of $6.93. The stock has a 50-day simple moving average of $4.83 and a 200 day simple moving average of $4.46. The company has a market capitalization of $1.17 billion, a PE ratio of 13.00 and a beta of 0.19.

Cricut (NASDAQ:CRCT) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.19 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 business had revenue of $156.28 million for the quarter, compared to the consensus estimate of $159.95 million. As a group, sell-side analysts predict that Cricut, Inc. will post 0.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

CRCT has been the topic of several analyst reports. The Goldman Sachs Group initiated coverage on Cricut in a report on Wednesday. They set a “sell” rating and a $4.50 target price on the stock. Weiss Ratings upgraded Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Morgan Stanley reaffirmed an “underweight” rating and set a $3.70 price target on shares of Cricut in a research report on Wednesday, August 5th. Finally, Zacks Research upgraded Cricut from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $4.07.

Institutional Investors Weigh In On Cricut

Hedge funds have recently bought and sold shares of the stock. Millennium Management LLC grew its position in shares of Cricut by 374.5% in the fourth quarter. Millennium Management LLC now owns 982,343 shares of the company’s stock valued at $4,863,000 after purchasing an additional 775,330 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Cricut during the second quarter worth approximately $2,409,000. Algert Global LLC lifted its holdings in Cricut by 354.9% during the 3rd quarter. Algert Global LLC now owns 615,697 shares of the company’s stock worth $3,873,000 after purchasing an additional 480,364 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Cricut by 51.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,379,155 shares of the company’s stock worth $8,675,000 after purchasing an additional 467,934 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in Cricut by 76.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 906,141 shares of the company’s stock valued at $5,700,000 after purchasing an additional 392,951 shares during the period. 19.60% of the stock is currently owned by institutional investors and hedge funds.

About Cricut

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.