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

Cricut, Inc. (NASDAQ:CRCT) reached a new 52-week low during trading on Monday . The stock traded as low as $3.88 and last traded at $3.91, with a volume of 150000 shares changing hands. The stock had previously closed at $4.05.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group cut 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 upgraded shares of Cricut from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, March 5th. Wall Street Zen lowered shares of Cricut from a “buy” rating to a “hold” rating in a research note on Saturday, November 29th. Barclays reiterated an “underweight” rating and set a $4.00 price objective on shares of Cricut in a report on Wednesday, March 4th. Finally, UBS Group reissued a “cautious” rating on shares of Cricut in a research report on Wednesday, March 4th. One research analyst has rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Strong Sell” and a consensus target price of $3.67.

Cricut Stock Down 1.2%

The stock has a 50-day moving average of $4.53 and a 200 day moving average of $5.12. The company has a market capitalization of $855.43 million, a PE ratio of 11.22 and a beta of 0.17.

Cricut (NASDAQ:CRCT) last posted its quarterly earnings results on Wednesday, March 4th. The company reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. The company had revenue of $203.60 million for the quarter, compared to analysts’ expectations of $202.22 million. Cricut had a net margin of 10.82% and a return on equity of 20.44%. Equities analysts forecast that Cricut, Inc. will post 0.28 EPS for the current fiscal year.

Insider Transactions at Cricut

In other Cricut news, CEO Arora Ashish sold 13,458 shares of Cricut stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $4.25, for a total transaction of $57,196.50. Following the completion of the transaction, the chief executive officer owned 3,724,995 shares of the company’s stock, valued at $15,831,228.75. The trade was a 0.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 276,790 shares of company stock worth $1,274,023. Corporate insiders own 18.02% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CRCT. Vanguard Group Inc. raised its position in shares of Cricut by 3.6% in the third quarter. Vanguard Group Inc. now owns 4,729,857 shares of the company’s stock worth $29,751,000 after buying an additional 163,602 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Cricut by 11.5% in the 2nd 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 in the last quarter. Geode Capital Management LLC boosted its position in shares of Cricut by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 1,417,153 shares of the company’s stock valued at $7,016,000 after acquiring an additional 31,736 shares during the last quarter. Arrowstreet Capital Limited Partnership grew 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 worth $8,675,000 after purchasing an additional 467,934 shares in the last quarter. Finally, State Street Corp increased its position in shares of Cricut by 0.9% in the fourth quarter. State Street Corp now owns 1,220,292 shares of the company’s stock worth $6,040,000 after purchasing an additional 11,170 shares during the last quarter. 19.60% of the stock is currently owned by hedge funds and other institutional investors.

About Cricut

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.