Cricut (NASDAQ:CRCT) Shares Gap Down to $34.68

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.

Cricut (NASDAQ:CRCT) last issued its quarterly earnings results on Thursday, May 13th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. The business had revenue of $323.82 million during the quarter. As a group, equities research analysts expect that Cricut, Inc. will post 0.9 earnings per share for the current year.

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.

Recommended Story: The basics of gap trading strategies

Receive News & Ratings for Cricut Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cricut and related companies with MarketBeat.com's FREE daily email newsletter.