Cricut (NASDAQ:CRCT) PT Lowered to $8.70 at Morgan Stanley

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.

Cricut (NASDAQ:CRCT – Get Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported $0.11 earnings per share for the quarter, meeting the consensus estimate of $0.11. Cricut had a net margin of 9.34% and a return on equity of 17.31%. The firm had revenue of $244.78 million during the quarter, compared to analysts’ expectations of $257.22 million. During the same quarter last year, the company posted $0.24 EPS. The company’s quarterly revenue was down 24.4% compared to the same quarter last year. On average, research analysts anticipate that Cricut will post 0.67 EPS for the current fiscal year.

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.

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