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

Cricut, Inc. (NASDAQ:CRCT) CEO Ashish Arora sold 60,000 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $5.79, for a total value of $347,400.00. Following the completion of the transaction, the chief executive officer directly owned 5,717,105 shares of the company’s stock, valued at approximately $33,102,037.95. This trade represents a 1.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Wednesday, August 19th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.48, for a total value of $328,800.00.
• On Monday, August 17th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.60, for a total value of $336,000.00.
• On Wednesday, August 5th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.98, for a total transaction of $358,800.00.
• On Monday, August 3rd, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $4.77, for a total transaction of $286,200.00.

Cricut Stock Performance

CRCT stock opened at $5.85 on Friday. Cricut, Inc. has a one year low of $3.73 and a one year high of $6.93. The company’s fifty day moving average price is $5.08 and its 200-day moving average price is $4.54. The company has a market capitalization of $1.23 billion, a PE ratio of 13.60 and a beta of 0.25.

Cricut (NASDAQ:CRCT) last issued its earnings results on Tuesday, August 4th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.13. The firm had revenue of $156.28 million during 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%. On average, research analysts predict that Cricut, Inc. will post 0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Cricut

A number of institutional investors and hedge funds have recently made changes to their positions in CRCT. Osaic Holdings Inc. raised its position in shares of Cricut by 255.9% during the 2nd quarter. Osaic Holdings Inc. now owns 3,644 shares of the company’s stock valued at $25,000 after buying an additional 2,620 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in Cricut by 57,811.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,212 shares of the company’s stock worth $26,000 after acquiring an additional 5,203 shares in the last quarter. Royal Bank of Canada grew its position in Cricut by 265.0% in the first quarter. Royal Bank of Canada now owns 8,165 shares of the company’s stock worth $30,000 after acquiring an additional 5,928 shares in the last quarter. Guggenheim Capital LLC bought a new stake in Cricut during the fourth quarter worth approximately $55,000. Finally, Orion Porfolio Solutions LLC bought a new stake in Cricut during the fourth quarter worth approximately $63,000. 19.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRCT has been the topic of several research reports. Zacks Research raised Cricut from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Weiss Ratings raised Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. The Goldman Sachs Group initiated coverage on Cricut in a report on Wednesday, August 19th. They set a “sell” rating and a $4.50 price target for the company. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $3.70 price objective on shares of Cricut in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $4.07.

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.