The Goldman Sachs Group Has Lowered Expectations for Cricut (NASDAQ:CRCT) Stock Price

Cricut (NASDAQ:CRCT) had its target price lowered by The Goldman Sachs Group from $3.50 to $3.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “sell” rating on the stock. The Goldman Sachs Group’s price target indicates a potential downside of 33.18% from the company’s previous close.

CRCT has been the subject of several other reports. Wall Street Zen downgraded Cricut from a “buy” rating to a “hold” rating in a research note on Saturday, November 29th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Cricut in a report on Monday, December 29th. One analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Strong Sell” and an average price target of $3.60.

Cricut Stock Performance

Shares of CRCT stock opened at $4.49 on Wednesday. The firm’s 50-day moving average is $4.89 and its 200-day moving average is $5.45. The stock has a market cap of $950.71 million, a price-to-earnings ratio of 11.82 and a beta of 0.17. Cricut has a 52-week low of $3.94 and a 52-week high of $7.33.

Cricut (NASDAQ:CRCT) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.05. The business had revenue of $170.44 million during the quarter, compared to analysts’ expectations of $156.93 million. Cricut had a return on equity of 19.91% and a net margin of 11.31%. Sell-side analysts predict that Cricut will post 0.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Arora Ashish sold 60,000 shares of Cricut stock in a transaction on Friday, November 21st. The stock was sold at an average price of $4.83, for a total transaction of $289,800.00. Following the completion of the sale, the chief executive officer owned 4,430,441 shares of the company’s stock, valued at approximately $21,399,030.03. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 250,020 shares of company stock worth $1,227,539. 18.61% of the stock is owned by company insiders.

Institutional Trading of Cricut

Several hedge funds and other institutional investors have recently bought and sold shares of CRCT. Algert Global LLC boosted its holdings in Cricut by 354.9% in the 3rd quarter. Algert Global LLC now owns 615,697 shares of the company’s stock valued at $3,873,000 after purchasing an additional 480,364 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Cricut by 51.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,379,155 shares of the company’s stock valued at $8,675,000 after buying an additional 467,934 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Cricut by 76.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 906,141 shares of the company’s stock valued at $5,700,000 after buying an additional 392,951 shares in the last quarter. Tudor Investment Corp ET AL boosted its stake in shares of Cricut by 824.0% in the third quarter. Tudor Investment Corp ET AL now owns 358,213 shares of the company’s stock valued at $2,253,000 after buying an additional 319,447 shares during the period. Finally, Bridgeway Capital Management LLC acquired a new stake in Cricut during the third quarter worth approximately $1,570,000. Institutional investors and hedge funds own 19.60% of the company’s stock.

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.