Cricut (NASDAQ:CRCT) Shares Down 5.8% – What’s Next?

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

Wall Street Analyst Weigh In

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

Cricut Stock Down 14.4 %

The firm has a market capitalization of $873.56 million, a price-to-earnings ratio of 14.68 and a beta of -0.02. The company’s fifty day moving average is $5.36 and its two-hundred day moving average is $5.72.

Cricut (NASDAQ:CRCT) last posted its quarterly earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.02. The business had revenue of $209.31 million for the quarter, compared to analyst estimates of $214.41 million. Cricut had a return on equity of 12.36% and a net margin of 8.47%. On average, equities research analysts expect that Cricut, Inc. will post 0.28 EPS for the current year.

Insider Activity at Cricut

In other news, CEO Arora Ashish sold 21,250 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.86, for a total value of $124,525.00. Following the completion of the transaction, the chief executive officer now owns 3,694,127 shares of the company’s stock, valued at $21,647,584.22. The trade was a 0.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 270,009 shares of company stock worth $1,519,869. 18.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC grew its position in shares of Cricut by 779.4% in the 3rd quarter. FMR LLC now owns 19,840 shares of the company’s stock valued at $137,000 after purchasing an additional 17,584 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of 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 during the period. State Street Corp raised its position in Cricut by 3.2% in the 3rd quarter. State Street Corp now owns 1,019,025 shares of the company’s stock valued at $7,062,000 after buying an additional 31,584 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Cricut during the 3rd quarter worth approximately $168,000. Finally, Barclays PLC lifted its position in shares of Cricut by 366.6% in the third quarter. Barclays PLC now owns 76,440 shares of the company’s stock worth $529,000 after purchasing an additional 60,058 shares in the last quarter. 19.60% of the stock is currently owned by 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.