Barclays Lowers Cricut (NASDAQ:CRCT) Price Target to $6.00

Cricut (NASDAQ:CRCT – Get Rating) had its price target reduced by equities research analysts at Barclays from $7.00 to $6.00 in a research note issued on Thursday, The Fly reports. Barclays‘s price objective points to a potential downside of 26.11% from the stock’s current price.

Separately, Citigroup boosted their price target on shares of Cricut from $8.68 to $9.50 and gave the company a “neutral” rating in a research note on Wednesday, March 8th.

Cricut Price Performance

NASDAQ:CRCT opened at $8.12 on Thursday. The firm has a market capitalization of $1.78 billion and a price-to-earnings ratio of 38.67. The company’s 50-day moving average is $9.57 and its two-hundred day moving average is $9.42. Cricut has a 1-year low of $5.88 and a 1-year high of $12.20.

Cricut (NASDAQ:CRCT – Get Rating) last released its quarterly earnings results on Tuesday, March 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The company had revenue of $280.76 million during the quarter, compared to analysts’ expectations of $261.00 million. Cricut had a net margin of 6.84% and a return on equity of 8.51%. Cricut’s revenue was down 27.6% on a year-over-year basis. During the same period last year, the firm posted $0.05 earnings per share. As a group, equities analysts anticipate that Cricut will post 0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cricut

Several large investors have recently added to or reduced their stakes in CRCT. Morgan Stanley lifted its stake in Cricut by 27.3% during the fourth quarter. Morgan Stanley now owns 2,912,115 shares of the company’s stock valued at $26,995,000 after purchasing an additional 625,151 shares during the last quarter. Abdiel Capital Advisors LP increased its position in shares of Cricut by 2.3% during the 4th quarter. Abdiel Capital Advisors LP now owns 14,886,303 shares of the company’s stock worth $137,996,000 after purchasing an additional 337,869 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Cricut by 1,896.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 312,041 shares of the company’s stock valued at $1,916,000 after acquiring an additional 296,410 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Cricut by 8.4% during the 3rd quarter. Vanguard Group Inc. now owns 2,469,975 shares of the company’s stock worth $22,872,000 after buying an additional 190,428 shares during the period. Finally, Millennium Management LLC lifted its stake in Cricut by 129.4% in the second quarter. Millennium Management LLC now owns 158,777 shares of the company’s stock valued at $975,000 after buying an additional 89,554 shares in the last quarter. 9.76% of the stock is owned by hedge funds and other institutional investors.

Cricut Company Profile

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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.