Cricut (NASDAQ:CRCT) Shares Gap Up to $5.53

Cricut, Inc. (NASDAQ:CRCT) shares gapped up prior to trading on Wednesday . The stock had previously closed at $5.53, but opened at $6.43. Cricut shares last traded at $7.20, with a volume of 2,523,368 shares trading hands.

Analyst Upgrades and Downgrades

CRCT has been the topic of several research analyst reports. Citigroup decreased their target price on shares of Cricut from $8.50 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 6th. The Goldman Sachs Group lowered their price objective on shares of Cricut from $7.00 to $5.75 and set a “neutral” rating for the company in a research note on Wednesday, March 6th. Finally, Barclays dropped their price objective on Cricut from $6.00 to $4.00 and set an “underweight” rating for the company in a report on Thursday, March 7th.

Cricut Trading Up 42.1 %

The stock’s 50-day moving average price is $5.05 and its 200-day moving average price is $6.04. The company has a market capitalization of $1.70 billion, a P/E ratio of 31.92 and a beta of 0.03.

Cricut (NASDAQ:CRCT) last issued its earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The company had revenue of $231.25 million during the quarter, compared to analyst estimates of $252.67 million. Cricut had a net margin of 7.01% and a return on equity of 9.59%. The business’s revenue was down 17.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.05 earnings per share. Sell-side analysts expect that Cricut, Inc. will post 0.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Abdiel Capital Management, Llc sold 1,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $4.83, for a total value of $4,830,000.00. Following the completion of the sale, the insider now directly owns 5,273,978 shares of the company’s stock, valued at approximately $25,473,313.74. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 18.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cricut

Several large investors have recently made changes to their positions in CRCT. Susquehanna Fundamental Investments LLC purchased a new stake in Cricut during the first quarter valued at about $758,000. Swiss National Bank grew its position in Cricut by 6.8% during the 1st quarter. Swiss National Bank now owns 72,500 shares of the company’s stock worth $345,000 after purchasing an additional 4,600 shares in the last quarter. Quantbot Technologies LP lifted its holdings in shares of Cricut by 130.9% in the first quarter. Quantbot Technologies LP now owns 52,724 shares of the company’s stock valued at $251,000 after purchasing an additional 29,891 shares in the last quarter. GSA Capital Partners LLP grew its holdings in shares of Cricut by 584.2% during the first quarter. GSA Capital Partners LLP now owns 423,849 shares of the company’s stock valued at $2,018,000 after buying an additional 361,904 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new position in Cricut during the first quarter valued at $147,000. Institutional investors own 19.60% of the company’s stock.

Cricut Company Profile

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.