Cricut (NASDAQ:CRCT) Trading 2.7% Higher – Should You Buy?

Cricut, Inc. (NASDAQ:CRCT) shares were up 2.7% during trading on Wednesday . The stock traded as high as $4.55 and last traded at $4.53. Approximately 480,870 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 519,472 shares. The stock had previously closed at $4.41.

Analyst Ratings Changes

A number of research analysts have issued reports on CRCT shares. The Goldman Sachs Group reduced their price target on Cricut from $3.50 to $3.00 and set a “sell” rating for the company in a research report on Wednesday, January 14th. Weiss Ratings cut shares of Cricut from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, January 27th. Finally, Wall Street Zen downgraded shares of Cricut from a “buy” rating to a “hold” rating in a report on Saturday, November 29th. Four analysts have rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of “Strong Sell” and a consensus price target of $3.60.

Cricut Stock Up 2.7%

The company has a 50 day moving average of $4.81 and a two-hundred day moving average of $5.28. The firm has a market cap of $959.18 million, a P/E ratio of 11.92 and a beta of 0.17.

Cricut (NASDAQ:CRCT) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.10 EPS for the quarter, topping 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 firm had revenue of $170.44 million for the quarter, compared to analysts’ expectations of $156.93 million. Research analysts expect that Cricut, Inc. will post 0.28 earnings per share for the current fiscal year.

Insider Activity at Cricut

In related news, CEO Arora Ashish sold 20,833 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $4.93, for a total transaction of $102,706.69. Following the completion of the sale, the chief executive officer directly owned 4,177,922 shares of the company’s stock, valued at $20,597,155.46. This represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 250,020 shares of company stock valued at $1,227,539. 18.61% of the stock is owned by insiders.

Institutional Investors Weigh In On Cricut

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Jane Street Group LLC boosted its stake in shares of Cricut by 43.7% during the 1st quarter. Jane Street Group LLC now owns 20,176 shares of the company’s stock worth $104,000 after acquiring an additional 6,140 shares in the last quarter. Simplicity Wealth LLC lifted its holdings in shares of Cricut by 43.6% during the second quarter. Simplicity Wealth LLC now owns 37,310 shares of the company’s stock valued at $253,000 after purchasing an additional 11,333 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Cricut in the 2nd quarter valued at $80,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Cricut in the 2nd quarter valued at $369,000. Finally, Ritholtz Wealth Management purchased a new position in Cricut in the 2nd quarter worth about $246,000. Institutional investors and hedge funds own 19.60% of the company’s stock.

About Cricut

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.