Cricut (NASDAQ:CRCT) Trading 2.7% Higher – Here’s Why

Shares of Cricut, Inc. (NASDAQ:CRCT) rose 2.7% during trading on Wednesday . The company traded as high as $4.55 and last traded at $4.53. Approximately 480,870 shares changed hands during trading, a decline of 7% from the average daily volume of 519,472 shares. The stock had previously closed at $4.41.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Cricut from a “buy” rating to a “hold” rating in a report on Saturday, November 29th. The Goldman Sachs Group decreased their price objective on shares of Cricut from $3.50 to $3.00 and set a “sell” rating for the company in a research note on Wednesday, January 14th. Finally, Weiss Ratings downgraded shares of Cricut from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, January 27th. Four investment analysts have rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Strong Sell” and an average target price of $3.60.

Cricut Trading Up 2.7%

The firm has a market capitalization of $959.18 million, a PE ratio of 11.92 and a beta of 0.17. The firm’s fifty day moving average price is $4.81 and its 200 day moving average price is $5.28.

Cricut (NASDAQ:CRCT) last issued its earnings results on Wednesday, November 5th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.05. Cricut had a return on equity of 19.91% and a net margin of 11.31%.The firm had revenue of $170.44 million for the quarter, compared to the consensus estimate of $156.93 million. As a group, research analysts expect that Cricut, Inc. will post 0.28 EPS for the current year.

Insider Activity

In related news, CEO Arora Ashish sold 20,833 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $4.93, for a total value of $102,706.69. Following the completion of the sale, the chief executive officer owned 4,177,922 shares of the company’s stock, valued at approximately $20,597,155.46. The trade was a 0.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders sold 250,020 shares of company stock worth $1,227,539. 18.61% of the stock is owned by insiders.

Institutional Trading of Cricut

Large investors have recently added to or reduced their stakes in the business. R Squared Ltd increased its stake in shares of Cricut by 46.4% during the 4th quarter. R Squared Ltd now owns 23,857 shares of the company’s stock worth $118,000 after purchasing an additional 7,566 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its position in Cricut by 34.7% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 14,630 shares of the company’s stock worth $72,000 after buying an additional 3,768 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in Cricut by 23.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 49,969 shares of the company’s stock valued at $247,000 after buying an additional 9,562 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Cricut by 16.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 25,992 shares of the company’s stock worth $126,000 after buying an additional 3,597 shares during the last quarter. Finally, CWA Asset Management Group LLC boosted its stake in shares of Cricut by 4.1% during the 4th quarter. CWA Asset Management Group LLC now owns 377,095 shares of the company’s stock worth $1,867,000 after acquiring an additional 14,864 shares in the last quarter. 19.60% of the stock is owned by 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.