Allspring Global Investments Holdings LLC Acquires New Stake in Cricut, Inc. $CRCT

Allspring Global Investments Holdings LLC acquired a new stake in Cricut, Inc. (NASDAQ:CRCT) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 54,447 shares of the company’s stock, valued at approximately $369,000.

Several other institutional investors have also recently made changes to their positions in CRCT. Bank of New York Mellon Corp lifted its position in shares of Cricut by 2.0% during the first quarter. Bank of New York Mellon Corp now owns 485,840 shares of the company’s stock worth $2,502,000 after acquiring an additional 9,300 shares in the last quarter. MQS Management LLC bought a new position in shares of Cricut during the first quarter valued at about $59,000. Hussman Strategic Advisors Inc. bought a new position in shares of Cricut during the first quarter valued at about $541,000. Allianz Asset Management GmbH boosted its holdings in shares of Cricut by 94.2% during the first quarter. Allianz Asset Management GmbH now owns 40,000 shares of the company’s stock worth $206,000 after purchasing an additional 19,400 shares during the period. Finally, Kapitalo Investimentos Ltda purchased a new stake in shares of Cricut during the first quarter worth about $97,000. Hedge funds and other institutional investors own 19.60% of the company’s stock.

Cricut Stock Down 0.8%

CRCT opened at $5.22 on Friday. Cricut, Inc. has a 52 week low of $3.94 and a 52 week high of $7.33. The firm has a 50-day simple moving average of $5.92 and a two-hundred day simple moving average of $5.78. The company has a market capitalization of $1.11 billion, a PE ratio of 15.82 and a beta of 0.18.

Cricut (NASDAQ:CRCT) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. Cricut had a net margin of 10.09% and a return on equity of 16.49%. The firm had revenue of $172.11 million for the quarter, compared to analyst estimates of $158.59 million. As a group, sell-side analysts expect that Cricut, Inc. will post 0.28 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have commented on the stock. Wall Street Zen lowered shares of Cricut from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Weiss Ratings restated a “hold (c)” rating on shares of Cricut in a research note on Friday. Finally, The Goldman Sachs Group downgraded shares of Cricut from a “neutral” rating to a “sell” rating and cut their target price for the stock from $5.50 to $4.75 in a research report on Thursday, October 16th. One analyst has rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Strong Sell” and a consensus price target of $4.18.

Insider Transactions at Cricut

In other Cricut news, General Counsel Matt Tuttle sold 40,491 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $5.69, for a total value of $230,393.79. Following the completion of the transaction, the general counsel owned 329,164 shares in the company, valued at approximately $1,872,943.16. This represents a 10.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Arora Ashish sold 21,250 shares of the company’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $5.57, for a total transaction of $118,362.50. Following the transaction, the chief executive officer owned 2,972,811 shares of the company’s stock, valued at approximately $16,558,557.27. This trade represents a 0.71% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 337,826 shares of company stock valued at $1,972,877. Insiders own 18.61% of the company’s stock.

About Cricut

Cricut, Inc engages in the design, marketing, and distribution of a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates through 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.