Cricut (NASDAQ:CRCT) Stock Price Down 5.8% – Here’s Why

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Morgan Stanley decreased their price target on Cricut from $3.90 to $3.80 and set an “underweight” rating for the company in a research note on Thursday, March 6th. Citigroup reissued a “sell” rating and set a $4.00 price target (down previously from $6.00) on shares of Cricut in a report on Monday.

Cricut Stock Up 0.2 %

The firm has a market cap of $875.68 million, a price-to-earnings ratio of 14.71 and a beta of -0.02. The stock’s 50 day moving average is $5.31 and its 200 day moving average is $5.69.

Cricut (NASDAQ:CRCT) last announced its quarterly earnings data 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. Cricut had a net margin of 8.47% and a return on equity of 12.36%. The company had revenue of $209.31 million for the quarter, compared to analysts’ expectations of $214.41 million. Analysts anticipate that Cricut, Inc. will post 0.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Arora Ashish sold 5,283 shares of the firm’s stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $5.25, for a total value of $27,735.75. Following the completion of the transaction, the chief executive officer now owns 4,059,329 shares of the company’s stock, valued at approximately $21,311,477.25. This trade represents a 0.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 270,009 shares of company stock worth $1,519,869 over the last ninety days. 18.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cricut

Several hedge funds have recently bought and sold shares of the business. R Squared Ltd acquired a new position in shares of Cricut in the 4th quarter valued at about $36,000. Copeland Capital Management LLC acquired a new position in Cricut in the 4th quarter valued at approximately $63,000. Drive Wealth Management LLC purchased a new stake in Cricut in the 4th quarter worth approximately $64,000. Olympiad Research LP acquired a new stake in shares of Cricut during the 4th quarter valued at $67,000. Finally, Caisse Des Depots ET Consignations acquired a new position in shares of Cricut in the fourth quarter worth $72,000. 19.60% of the stock is owned by hedge funds and other 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.