Cricut (NASDAQ:CRCT) CEO Arora Ashish Sells 60,000 Shares of Stock

Cricut, Inc. (NASDAQ:CRCT) CEO Arora Ashish sold 60,000 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $5.48, for a total value of $328,800.00. Following the completion of the transaction, the chief executive officer directly owned 4,027,105 shares of the company’s stock, valued at $22,068,535.40. The trade was a 1.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arora Ashish also recently made the following trade(s):

• On Monday, August 17th, Arora Ashish sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.60, for a total value of $336,000.00.
• On Wednesday, August 5th, Arora Ashish sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.98, for a total value of $358,800.00.
• On Monday, August 3rd, Arora Ashish sold 60,000 shares of Cricut stock. The stock was sold at an average price of $4.77, for a total value of $286,200.00.
• On Monday, June 1st, Arora Ashish sold 16,366 shares of Cricut stock. The shares were sold at an average price of $4.30, for a total value of $70,373.80.

Cricut Stock Performance

Cricut stock traded down $0.05 during trading on Wednesday, reaching $5.43. The company had a trading volume of 1,053,373 shares, compared to its average volume of 587,595. The firm has a market capitalization of $1.14 billion, a PE ratio of 12.63 and a beta of 0.19. Cricut, Inc. has a 1-year low of $3.73 and a 1-year high of $6.93. The firm’s 50-day simple moving average is $4.77 and its 200 day simple moving average is $4.44.

Cricut (NASDAQ:CRCT) last announced its earnings results on Tuesday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.13. The business had revenue of $156.28 million for the quarter, compared to analyst estimates of $159.95 million. Cricut had a net margin of 12.71% and a return on equity of 24.57%. Analysts anticipate that Cricut, Inc. will post 0.32 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CRCT shares. Morgan Stanley reiterated an “underweight” rating and set a $3.70 price objective on shares of Cricut in a research note on Wednesday, August 5th. Zacks Research raised Cricut from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 5th. The Goldman Sachs Group started coverage on Cricut in a research report on Wednesday. They set a “sell” rating and a $4.50 price target for the company. Finally, Weiss Ratings upgraded Cricut from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Cricut has an average rating of “Reduce” and an average price target of $4.07.

Institutional Trading of Cricut

Hedge funds have recently bought and sold shares of the business. Public Employees Retirement System of Ohio purchased a new position in Cricut in the 2nd quarter worth approximately $355,000. Bank of New York Mellon Corp purchased a new stake in shares of Cricut in the second quarter valued at approximately $2,409,000. Bank of America Corp DE increased its holdings in shares of Cricut by 124.4% in the first quarter. Bank of America Corp DE now owns 116,790 shares of the company’s stock valued at $437,000 after purchasing an additional 64,737 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Cricut by 265.0% in the first quarter. Royal Bank of Canada now owns 8,165 shares of the company’s stock valued at $30,000 after purchasing an additional 5,928 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in Cricut by 18.1% during the first quarter. Empowered Funds LLC now owns 420,595 shares of the company’s stock worth $1,573,000 after buying an additional 64,362 shares in the last quarter. Institutional investors and hedge funds own 19.60% of the company’s stock.

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.