Cricut (NASDAQ:CRCT) Reaches New 1-Year Low – What’s Next?

Cricut, Inc. (NASDAQ:CRCT)’s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $3.86 and last traded at $3.8750, with a volume of 39932 shares trading hands. The stock had previously closed at $3.97.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. UBS Group reissued a “cautious” rating on shares of Cricut in a research report on Wednesday, March 4th. The Goldman Sachs Group lowered their target price on Cricut from $3.50 to $3.00 and set a “sell” rating on the stock in a report on Wednesday, January 14th. Weiss Ratings raised Cricut from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, March 5th. Barclays reiterated an “underweight” rating and set a $4.00 price target on shares of Cricut in a report on Wednesday, March 4th. Finally, Wall Street Zen downgraded shares of Cricut from a “buy” rating to a “hold” rating in a research note on Saturday, November 29th. One equities research analyst has rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Cricut presently has an average rating of “Strong Sell” and an average price target of $3.67.

Cricut Price Performance

The stock has a market cap of $802.65 million, a price-to-earnings ratio of 10.53 and a beta of 0.17. The stock’s 50 day simple moving average is $4.33 and its two-hundred day simple moving average is $4.96.

Cricut (NASDAQ:CRCT) last announced its quarterly earnings data on Wednesday, March 4th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.04. Cricut had a net margin of 10.82% and a return on equity of 20.44%. The company had revenue of $203.60 million during the quarter, compared to analysts’ expectations of $202.22 million. As a group, analysts predict that Cricut, Inc. will post 0.28 earnings per share for the current year.

Insider Buying and Selling

In other Cricut news, CEO Arora Ashish sold 60,000 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $4.28, for a total transaction of $256,800.00. Following the completion of the transaction, the chief executive officer owned 3,738,453 shares in the company, valued at $16,000,578.84. This trade represents a 1.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 235,124 shares of company stock worth $1,064,443 in the last three months. 18.61% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cricut

A number of hedge funds have recently modified their holdings of CRCT. Vanguard Group Inc. boosted its stake in Cricut by 3.6% in the 3rd quarter. Vanguard Group Inc. now owns 4,729,857 shares of the company’s stock valued at $29,751,000 after buying an additional 163,602 shares in the last quarter. American Century Companies Inc. grew its position in Cricut by 11.5% in the second quarter. American Century Companies Inc. now owns 1,544,659 shares of the company’s stock valued at $10,457,000 after acquiring an additional 159,339 shares during the period. Geode Capital Management LLC raised its stake in Cricut by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 1,417,153 shares of the company’s stock worth $7,016,000 after acquiring an additional 31,736 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Cricut by 51.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,379,155 shares of the company’s stock valued at $8,675,000 after acquiring an additional 467,934 shares during the period. Finally, State Street Corp lifted its holdings in shares of Cricut by 0.9% during the fourth quarter. State Street Corp now owns 1,220,292 shares of the company’s stock valued at $6,040,000 after acquiring an additional 11,170 shares during the period. 19.60% of the stock is owned by institutional investors and hedge funds.

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.