Cricut, Inc. (NASDAQ:CRCT) shares gapped down prior to trading on Friday . The stock had previously closed at $34.68, but opened at $33.63. Cricut shares last traded at $32.88, with a volume of 1,699 shares trading hands.
Several equities analysts have issued reports on CRCT shares. Barclays lifted their target price on Cricut from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Friday, May 14th. The Goldman Sachs Group assumed coverage on shares of Cricut in a report on Monday, April 19th. They set a “buy” rating and a $35.00 price objective on the stock. Morgan Stanley downgraded Cricut from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $30.00 to $40.00 in a research note on Thursday. Robert W. Baird assumed coverage on Cricut in a research note on Monday, April 19th. They set an “outperform” rating and a $26.00 price target for the company. Finally, Citigroup initiated coverage on shares of Cricut in a research note on Monday, April 19th. They set a “buy” rating and a $25.00 price objective for the company. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $29.83.
The stock has a 50-day moving average of $26.19.
In related news, major shareholder Abdiel Capital Management, Llc acquired 16,674 shares of the business’s stock in a transaction on Thursday, May 20th. The shares were bought at an average cost of $27.90 per share, with a total value of $465,204.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Arora Ashish sold 95,373 shares of the business’s stock in a transaction dated Wednesday, April 28th. The stock was sold at an average price of $20.00, for a total value of $1,907,460.00. Following the transaction, the chief executive officer now owns 95,373 shares in the company, valued at approximately $1,907,460. The disclosure for this sale can be found here. Insiders sold 118,301 shares of company stock worth $2,366,020 in the last quarter.
Several large investors have recently made changes to their positions in CRCT. UBS Group AG purchased a new position in Cricut in the 1st quarter worth approximately $30,000. JPMorgan Chase & Co. acquired a new stake in Cricut during the 1st quarter valued at $198,000. Alliancebernstein L.P. purchased a new position in Cricut in the 1st quarter valued at about $346,000. Morgan Stanley acquired a new position in shares of Cricut in the first quarter worth about $417,000. Finally, Laurion Capital Management LP purchased a new position in shares of Cricut during the 1st quarter valued at approximately $495,000. Institutional investors and hedge funds own 5.32% of the company’s stock.
About Cricut (NASDAQ:CRCT)
Cricut, Inc designs and markets a creativity platform that enables users to turn ideas into professional-looking handmade goods in the United States, Europe, and internationally. It operates through three segments: Connected Machines, Subscriptions, and Accessories and Materials. The company provides connected machines, design apps, and accessories and materials for users to create personalized birthday cards, mugs, T-shirts, and large-scale interior decorations under the Cricut brand.
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