Insider Selling: Cricut (NASDAQ:CRCT) CEO Sells $328,800.00 in Stock

Cricut, Inc. (NASDAQ:CRCT) CEO Arora Ashish sold 60,000 shares of Cricut stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $5.48, for a total transaction of $328,800.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 transaction 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 transaction 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 transaction 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 Up 3.5%

Shares of Cricut stock opened at $5.59 on Friday. The stock’s fifty day moving average is $4.83 and its two-hundred day moving average is $4.46. The company has a market capitalization of $1.17 billion, a PE ratio of 13.00 and a beta of 0.19. Cricut, Inc. has a 52 week low of $3.73 and a 52 week high of $6.93.

Cricut (NASDAQ:CRCT) last issued its earnings results on Tuesday, August 4th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates 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%. As a group, research analysts anticipate that Cricut, Inc. will post 0.32 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CRCT has been the topic of a number of research analyst reports. Zacks Research raised shares of Cricut from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Morgan Stanley reiterated an “underweight” rating and issued a $3.70 target price on shares of Cricut in a research note on Wednesday, August 5th. The Goldman Sachs Group assumed coverage on Cricut in a research report on Wednesday. They set a “sell” rating and a $4.50 price target on the stock. Finally, Weiss Ratings upgraded shares of Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. One investment 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 stock. Based on data from MarketBeat.com, Cricut presently has a consensus rating of “Reduce” and an average price target of $4.07.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRCT. Millennium Management LLC boosted its stake in Cricut by 374.5% during the 4th quarter. Millennium Management LLC now owns 982,343 shares of the company’s stock worth $4,863,000 after purchasing an additional 775,330 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Cricut in the second quarter valued at about $2,409,000. Algert Global LLC raised its position in shares of Cricut by 354.9% in the third quarter. Algert Global LLC now owns 615,697 shares of the company’s stock valued at $3,873,000 after buying an additional 480,364 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Cricut by 51.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,379,155 shares of the company’s stock worth $8,675,000 after buying an additional 467,934 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of Cricut by 76.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 906,141 shares of the company’s stock worth $5,700,000 after buying an additional 392,951 shares in the last quarter. Hedge funds and other institutional investors 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.