Cricut (NASDAQ:CRCT) Trading Down 5.8% – Here’s Why

Shares of Cricut, Inc. (NASDAQ:CRCT) fell 5.8% on Wednesday . The company traded as low as $4.52 and last traded at $4.52. 116,315 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 496,135 shares. The stock had previously closed at $4.80.

Analysts Set New Price Targets

CRCT has been the topic of a number of analyst reports. Morgan Stanley dropped their price objective on Cricut from $3.90 to $3.80 and set an “underweight” rating on the stock in a research note on Thursday, March 6th. Citigroup reiterated a “sell” rating and issued a $4.00 price target (down previously from $6.00) on shares of Cricut in a research note on Monday.

Cricut Stock Performance

The firm has a market cap of $873.56 million, a price-to-earnings ratio of 14.68 and a beta of -0.02. The firm has a fifty day simple moving average of $5.36 and a 200-day simple moving average of $5.72.

Cricut (NASDAQ:CRCT) last released its quarterly earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.02. Cricut had a net margin of 8.47% and a return on equity of 12.36%. The firm had revenue of $209.31 million for the quarter, compared to analysts’ expectations of $214.41 million. Analysts expect that Cricut, Inc. will post 0.28 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Arora Ashish sold 21,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $5.75, for a total transaction of $122,187.50. Following the transaction, the chief executive officer now directly owns 3,695,840 shares of the company’s stock, valued at approximately $21,251,080. This trade represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 270,009 shares of company stock valued at $1,519,869. 18.02% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cricut

A number of large investors have recently added to or reduced their stakes in CRCT. Barclays PLC lifted its position in shares of Cricut by 366.6% during the 3rd quarter. Barclays PLC now owns 76,440 shares of the company’s stock valued at $529,000 after acquiring an additional 60,058 shares during the period. Geode Capital Management LLC lifted its position in Cricut by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,081,319 shares of the company’s stock worth $7,495,000 after purchasing an additional 9,940 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cricut by 6.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 87,528 shares of the company’s stock worth $607,000 after buying an additional 5,613 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Cricut by 296.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 185,098 shares of the company’s stock valued at $1,283,000 after buying an additional 138,385 shares during the period. Finally, Teacher Retirement System of Texas acquired a new position in shares of Cricut in the 4th quarter valued at approximately $1,029,000. Institutional investors and hedge funds own 19.60% 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.