Cricut (NASDAQ:CRCT – Get Rating) had its price target reduced by Morgan Stanley to $8.70 in a note issued to investors on Tuesday, Stock Target Advisor reports. The brokerage currently has an “underweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 1.52% from the stock’s previous close.
A number of other analysts have also commented on the stock. Citigroup cut their price objective on shares of Cricut from $11.00 to $10.00 in a research report on Wednesday, May 11th. Robert W. Baird downgraded shares of Cricut from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $38.00 to $13.00 in a report on Wednesday, March 9th. Zacks Investment Research upgraded shares of Cricut from a “sell” rating to a “hold” rating in a report on Tuesday, May 10th. Finally, Barclays lowered their target price on shares of Cricut from $20.00 to $7.00 and set an “underweight” rating on the stock in a report on Thursday, March 10th. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat.com, Cricut has an average rating of “Hold” and a consensus target price of $17.95.
CRCT traded down $0.26 during midday trading on Tuesday, hitting $8.57. The company had a trading volume of 2,371 shares, compared to its average volume of 307,572. The company has a market capitalization of $1.90 billion, a PE ratio of 16.86 and a beta of 1.04. Cricut has a twelve month low of $8.83 and a twelve month high of $47.36. The firm’s 50-day simple moving average is $12.26 and its 200-day simple moving average is $18.57.
In related news, major shareholder Abdiel Capital Management, Llc acquired 37,427 shares of the firm’s stock in a transaction on Friday, March 11th. The shares were purchased at an average cost of $10.88 per share, for a total transaction of $407,205.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have purchased 1,378,419 shares of company stock worth $17,578,795.
Large investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC acquired a new position in shares of Cricut in the fourth quarter valued at $3,625,000. Voloridge Investment Management LLC acquired a new position in shares of Cricut in the third quarter valued at $567,000. CIBC Asset Management Inc acquired a new position in shares of Cricut in the third quarter valued at $245,000. Morgan Stanley increased its holdings in shares of Cricut by 75.8% in the third quarter. Morgan Stanley now owns 3,446,501 shares of the company’s stock valued at $95,055,000 after purchasing an additional 1,486,032 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Cricut by 32.6% in the third quarter. Geode Capital Management LLC now owns 196,594 shares of the company’s stock valued at $5,422,000 after acquiring an additional 48,307 shares in the last quarter. Hedge funds and other institutional investors own 16.45% of the company’s stock.
Cricut Company Profile (Get Rating)
Cricut, Inc designs and markets a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates in three segments: Connected Machines, Subscriptions, and Accessories and Materials. The company offers connected machines, design apps, and accessories and materials for users to create personalized birthday cards, mugs, T-shirts, and large-scale interior decorations.
- Get a free copy of the StockNews.com research report on Cricut (CRCT)
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