Cricut, Inc. (NASDAQ:CRCT)’s stock price dropped 4.8% during trading on Wednesday . The stock traded as low as $30.80 and last traded at $30.97. Approximately 6,721 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 841,118 shares. The stock had previously closed at $32.53.
CRCT has been the subject of several recent research reports. The Goldman Sachs Group lowered shares of Cricut from a “buy” rating to a “neutral” rating and reduced their price target for the company from $37.00 to $31.00 in a report on Friday, August 13th. Morgan Stanley lowered shares of Cricut from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $40.00 to $29.00 in a report on Friday, August 13th. Barclays lowered shares of Cricut from an “overweight” rating to an “equal weight” rating and set a $28.00 price target for the company. in a report on Tuesday, August 17th. Finally, Zacks Investment Research lowered shares of Cricut from a “hold” rating to a “strong sell” rating in a report on Monday, August 16th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $28.86.
The firm has a 50-day moving average of $32.45.
In other news, Director Len Blackwell sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 18th. The shares were sold at an average price of $27.12, for a total value of $271,200.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Abdiel Capital Management, Llc acquired 18,249 shares of the company’s stock in a transaction dated Tuesday, September 7th. The stock was acquired at an average cost of $30.99 per share, for a total transaction of $565,536.51. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 4,007,613 shares of company stock worth $119,020,662 and have sold 141,116 shares worth $3,993,625.
Hedge funds have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. boosted its holdings in shares of Cricut by 78.5% in the 2nd quarter. Advisor Group Holdings Inc. now owns 1,421 shares of the company’s stock valued at $59,000 after acquiring an additional 625 shares during the last quarter. UBS Group AG acquired a new position in shares of Cricut in the 1st quarter valued at $30,000. Cubist Systematic Strategies LLC acquired a new position in shares of Cricut in the 2nd quarter valued at $208,000. Envestnet Asset Management Inc. acquired a new position in shares of Cricut in the 2nd quarter valued at $213,000. Finally, LPL Financial LLC acquired a new position in shares of Cricut in the 2nd quarter valued at $230,000. 8.26% of the stock is currently owned by institutional investors and hedge funds.
Cricut Company Profile (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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