Wall Street Zen upgraded shares of Cricut (NASDAQ:CRCT – Free Report) from a hold rating to a buy rating in a research note released on Saturday,Wall Street Zen reports.
CRCT has been the topic of several other research reports. Barclays raised their price objective on Cricut from $4.00 to $6.00 and gave the company an “underweight” rating in a report on Thursday, November 5th. Zacks Research lowered Cricut from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. The Goldman Sachs Group started coverage on Cricut in a report on Wednesday, August 19th. They issued a “sell” rating and a $4.50 target price for the company. Weiss Ratings upgraded Cricut from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, November 3rd. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $3.70 target price on shares of Cricut in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Cricut currently has an average rating of “Strong Sell” and a consensus target price of $4.73.
Check Out Our Latest Report on Cricut
Cricut Price Performance
Shares of NASDAQ:CRCT opened at $8.79 on Friday. The company has a market cap of $1.84 billion, a price-to-earnings ratio of 19.11 and a beta of 0.24. The firm has a 50 day simple moving average of $6.32 and a 200 day simple moving average of $4.96. Cricut has a one year low of $3.73 and a one year high of $9.70.
Cricut (NASDAQ:CRCT – Get Free Report) last issued its earnings results on Tuesday, November 3rd. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.08. The firm had revenue of $188.62 million for the quarter, compared to analyst estimates of $172.02 million. Cricut had a net margin of 13.42% and a return on equity of 26.66%. As a group, analysts expect that Cricut will post 0.32 EPS for the current year.
Insider Activity
In other news, CEO Ashish Arora sold 60,000 shares of Cricut stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $5.48, for a total transaction of $328,800.00. Following the transaction, the chief executive officer owned 4,027,105 shares in the company, valued at approximately $22,068,535.40. The trade was a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 610,000 shares of company stock worth $3,613,800 over the last ninety days. 16.48% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of CRCT. Bank of New York Mellon Corp acquired a new position in Cricut during the 2nd quarter worth about $2,409,000. Dimensional Fund Advisors LP increased its stake in shares of Cricut by 30.4% in the first quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company’s stock valued at $3,687,000 after buying an additional 229,663 shares during the period. Alps Advisors Inc. acquired a new stake in shares of Cricut in the third quarter valued at about $655,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Cricut in the second quarter valued at about $355,000. Finally, Bank of America Corp DE raised its position in shares of Cricut by 124.4% during the first quarter. Bank of America Corp DE now owns 116,790 shares of the company’s stock worth $437,000 after acquiring an additional 64,737 shares during the last quarter. 19.60% of the stock is owned by institutional investors.
About Cricut
Cricut, Inc develops and sells connected cutting machines and related products for do-it-yourself crafting, personalization and small-scale creative production. Its systems are designed to cut, draw, score and apply materials such as paper, vinyl, fabric, leather and iron-on transfers, enabling users to create customized home décor, apparel, gifts and other projects.
The company’s product portfolio includes Cricut smart cutting machines, heat presses, specialized tools and a broad range of consumable materials.
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