Morgan Stanley Cuts Cricut (NASDAQ:CRCT) Price Target to $3.80

Cricut (NASDAQ:CRCT) had its price target decreased by equities research analysts at Morgan Stanley from $3.90 to $3.80 in a report released on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s target price would suggest a potential downside of 32.61% from the company’s current price.

Separately, The Goldman Sachs Group cut their target price on Cricut from $6.50 to $5.75 and set a “neutral” rating for the company in a research report on Wednesday, November 6th.

Cricut Trading Up 3.7 %

Shares of CRCT traded up $0.20 during midday trading on Thursday, reaching $5.64. The stock had a trading volume of 332,349 shares, compared to its average volume of 307,063. The firm has a 50 day simple moving average of $5.68 and a 200-day simple moving average of $5.91. The firm has a market cap of $1.21 billion, a PE ratio of 20.20 and a beta of -0.02. Cricut has a one year low of $4.45 and a one year high of $8.40.

Cricut (NASDAQ:CRCT) last announced its quarterly earnings results on Tuesday, March 4th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. Cricut had a net margin of 8.47% and a return on equity of 12.36%. The business had revenue of $209.31 million for the quarter, compared to analyst estimates of $214.41 million. As a group, research analysts forecast that Cricut will post 0.28 EPS for the current fiscal year.

Insider Buying and Selling at Cricut

In related news, CEO Arora Ashish sold 21,250 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $6.00, for a total value of $127,500.00. Following the completion of the transaction, the chief executive officer now owns 3,844,590 shares in the company, valued at $23,067,540. This trade represents a 0.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 373,210 shares of company stock worth $2,168,982 over the last three months. Corporate insiders own 18.02% of the company’s stock.

Hedge Funds Weigh In On Cricut

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRCT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Cricut by 6.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,095 shares of the company’s stock worth $154,000 after purchasing an additional 1,695 shares during the last quarter. Exchange Traded Concepts LLC grew its position in shares of Cricut by 4.9% in the 4th quarter. Exchange Traded Concepts LLC now owns 49,055 shares of the company’s stock valued at $280,000 after buying an additional 2,272 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Cricut by 9.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,468 shares of the company’s stock valued at $186,000 after buying an additional 2,684 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its stake in shares of Cricut by 11.0% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 33,846 shares of the company’s stock valued at $193,000 after buying an additional 3,365 shares during the period. Finally, Algert Global LLC raised its position in shares of Cricut by 4.5% during the fourth quarter. Algert Global LLC now owns 97,323 shares of the company’s stock worth $555,000 after acquiring an additional 4,213 shares during the last quarter. 19.60% of the stock is currently owned by institutional investors and hedge funds.

Cricut Company Profile

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.