Cricut (NASDAQ:CRCT) Stock Rating Cut to Hold at Zacks Research

Zacks Research downgraded shares of Cricut (NASDAQ:CRCT) from a strong-buy rating to a hold rating in a research report sent to investors on Monday morning,Zacks reports.

Other research analysts have also recently issued research reports about the company. Weiss Ratings upgraded Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. The Goldman Sachs Group began coverage on shares of Cricut in a research note on Wednesday, August 19th. They set a “sell” rating and a $4.50 price objective for the company. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $3.70 target price on shares of Cricut in a research note on Wednesday, August 5th. Two equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, Cricut has a consensus rating of “Strong Sell” and an average target price of $4.07.

Cricut Price Performance

Shares of NASDAQ CRCT opened at $6.38 on Monday. Cricut has a 1 year low of $3.73 and a 1 year high of $6.66. The stock has a market cap of $1.34 billion, a P/E ratio of 14.84 and a beta of 0.25. The firm has a 50-day moving average of $5.73 and a 200 day moving average of $4.80.

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

Insider Buying and Selling at Cricut

In related 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 value of $57,000.00. Following the completion of the sale, the insider directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ashish Arora sold 60,000 shares of the company’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $6.43, for a total transaction of $385,800.00. Following the transaction, the chief executive officer owned 5,088,740 shares in the company, valued at $32,720,598.20. This represents a 1.17% 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 610,000 shares of company stock worth $3,504,600 over the last ninety days. 16.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Cricut by 30.4% in the first quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company’s stock worth $3,687,000 after buying an additional 229,663 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Cricut by 2.7% during the first quarter. Renaissance Technologies LLC now owns 879,143 shares of the company’s stock valued at $3,288,000 after purchasing an additional 23,300 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Cricut during the 2nd quarter valued at $2,409,000. Empowered Funds LLC grew its position in shares of Cricut by 18.1% during the first quarter. Empowered Funds LLC now owns 420,595 shares of the company’s stock worth $1,573,000 after purchasing an additional 64,362 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Cricut by 124.4% during the first quarter. Bank of America Corp DE now owns 116,790 shares of the company’s stock valued at $437,000 after buying an additional 64,737 shares during the last quarter. 19.60% of the stock is owned by hedge funds and other institutional investors.

About Cricut

Cricut, Inc develops and sells digital crafting technology that enables users to design, make and personalize projects. Its ecosystem includes connected cutting, heat-press, engraving and other crafting machines, along with the company’s Design Space software, which allows users to create projects, prepare designs and operate compatible devices.

The company also offers a broad selection of consumable materials and accessories, including vinyl, iron-on materials, paper, specialty fabrics, cutting tools, replacement components and related crafting supplies.