Cricut (NASDAQ:CRCT) Given New $3.00 Price Target at The Goldman Sachs Group

Cricut (NASDAQ:CRCT) had its price objective reduced by The Goldman Sachs Group from $3.50 to $3.00 in a research note released on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Cricut from a “buy” rating to a “hold” rating in a research report on Saturday, November 29th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Cricut in a report on Monday, December 29th. One research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Strong Sell” and a consensus price target of $3.60.

Cricut Price Performance

Shares of CRCT stock opened at $4.55 on Wednesday. The stock’s 50-day moving average is $4.90 and its 200 day moving average is $5.45. Cricut has a 1-year low of $3.94 and a 1-year high of $7.33. The company has a market cap of $963.42 million, a P/E ratio of 11.97 and a beta of 0.17.

Cricut (NASDAQ:CRCT) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.05 by $0.05. Cricut had a net margin of 11.31% and a return on equity of 19.91%. The business had revenue of $170.44 million during the quarter, compared to analyst estimates of $156.93 million. On average, analysts anticipate that Cricut will post 0.28 EPS for the current year.

Cricut Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Tuesday, January 20th. Stockholders of record on Tuesday, January 6th will be paid a dividend of $0.10 per share. This represents a dividend yield of 412.0%. The ex-dividend date is Tuesday, January 6th. Cricut’s payout ratio is presently 52.63%.

Insider Activity

In other news, CEO Arora Ashish sold 60,000 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $4.83, for a total value of $289,800.00. Following the completion of the transaction, the chief executive officer directly owned 4,430,441 shares in the company, valued at $21,399,030.03. This trade represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 267,224 shares of company stock valued at $1,318,204. 18.61% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cricut

Institutional investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC boosted its holdings in shares of Cricut by 23.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 49,969 shares of the company’s stock valued at $247,000 after acquiring an additional 9,562 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Cricut by 16.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 25,992 shares of the company’s stock valued at $126,000 after purchasing an additional 3,597 shares during the last quarter. CWA Asset Management Group LLC grew its position in 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 purchasing an additional 14,864 shares during the period. Tudor Investment Corp ET AL raised its stake in shares of Cricut by 824.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 358,213 shares of the company’s stock valued at $2,253,000 after buying an additional 319,447 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Cricut by 76.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 906,141 shares of the company’s stock valued at $5,700,000 after buying an additional 392,951 shares during the period. 19.60% of the stock is owned by hedge funds and other 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.