Cricut (NASDAQ:CRCT) Reaches New 52-Week Low – Here’s Why

Cricut, Inc. (NASDAQ:CRCT)’s share price reached a new 52-week low on Thursday . The company traded as low as $4.03 and last traded at $4.11, with a volume of 503355 shares trading hands. The stock had previously closed at $4.80.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Citigroup restated a “sell” rating and set a $4.00 price target (down previously from $6.00) on shares of Cricut in a research note on Monday. Morgan Stanley decreased their target price on Cricut from $3.90 to $3.80 and set an “underweight” rating for the company in a research report on Thursday, March 6th.

Cricut Stock Down 14.4 %

The stock has a market capitalization of $873.56 million, a PE ratio of 14.68 and a beta of -0.02. The company’s fifty day moving average price is $5.34 and its 200-day moving average price is $5.71.

Cricut (NASDAQ:CRCT) last announced its earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share 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 during the quarter, compared to analyst estimates of $214.41 million. Equities research analysts anticipate that Cricut, Inc. will post 0.28 earnings per share for the current year.

Insider Activity at Cricut

In other news, CEO Arora Ashish sold 21,250 shares of Cricut stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $5.75, for a total value of $122,187.50. Following the completion of the transaction, the chief executive officer now owns 3,695,840 shares in the company, valued at approximately $21,251,080. The trade was a 0.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 270,009 shares of company stock valued at $1,519,869. Insiders own 18.02% of the company’s stock.

Institutional Inflows and Outflows

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

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.