The Goldman Sachs Group Cuts Cricut (NASDAQ:CRCT) Price Target to $3.00

Cricut (NASDAQ:CRCT) had its price target cut by investment analysts at The Goldman Sachs Group from $3.50 to $3.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “sell” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential downside of 35.14% from the stock’s previous close.

Several other analysts have also weighed in on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Cricut in a report on Monday, December 29th. Wall Street Zen cut shares of Cricut from a “buy” rating to a “hold” rating in a research note on Saturday, November 29th. One equities research analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Strong Sell” and a consensus target price of $3.60.

Cricut Stock Performance

Shares of CRCT stock traded down $0.33 during trading on Wednesday, hitting $4.63. 242,094 shares of the company were exchanged, compared to its average volume of 462,968. The business’s 50-day simple moving average is $4.90 and its 200 day simple moving average is $5.46. Cricut has a twelve month low of $3.94 and a twelve month high of $7.33. The firm has a market capitalization of $979.30 million, a price-to-earnings ratio of 12.17 and a beta of 0.17.

Cricut (NASDAQ:CRCT) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.05. The firm had revenue of $170.44 million during the quarter, compared to analysts’ expectations of $156.93 million. Cricut had a return on equity of 19.91% and a net margin of 11.31%. On average, equities analysts forecast that Cricut will post 0.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cricut news, CEO Arora Ashish sold 60,000 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $4.83, for a total value of $289,800.00. Following the sale, the chief executive officer directly owned 4,430,441 shares in the company, valued at approximately $21,399,030.03. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 278,435 shares of company stock valued at $1,377,286 in the last quarter. Corporate insiders own 18.02% of the company’s stock.

Hedge Funds Weigh In On Cricut

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Cricut by 3.6% in the third quarter. Vanguard Group Inc. now owns 4,729,857 shares of the company’s stock valued at $29,751,000 after acquiring an additional 163,602 shares in the last quarter. American Century Companies Inc. grew its position in shares of Cricut by 11.5% during the 2nd quarter. American Century Companies Inc. now owns 1,544,659 shares of the company’s stock worth $10,457,000 after purchasing an additional 159,339 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Cricut by 7.0% during the second quarter. Geode Capital Management LLC now owns 1,395,525 shares of the company’s stock worth $9,449,000 after purchasing an additional 91,339 shares during the period. Arrowstreet Capital Limited Partnership raised its position 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 valued at $8,675,000 after buying an additional 467,934 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted 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 valued at $5,700,000 after buying an additional 392,951 shares during the period. 19.60% of the stock is owned by institutional investors.

Cricut Company Profile

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.