Cricut, Inc. (NASDAQ:CRCT) Given Consensus Rating of “Strong Sell” by Analysts

Shares of Cricut, Inc. (NASDAQ:CRCT) have earned an average recommendation of “Strong Sell” from the six brokerages that are currently covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a sell recommendation. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $3.60.

Several brokerages have recently weighed in on CRCT. The Goldman Sachs Group decreased their target price on shares of Cricut from $3.50 to $3.00 and set a “sell” rating for the company in a research note on Wednesday, January 14th. UBS Group reiterated a “cautious” rating on shares of Cricut in a research note on Wednesday. Barclays restated an “underweight” rating and set a $4.00 price objective on shares of Cricut in a research note on Wednesday. Weiss Ratings lowered Cricut from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, January 27th. Finally, Wall Street Zen downgraded shares of Cricut from a “buy” rating to a “hold” rating in a research report on Saturday, November 29th.

Insiders Place Their Bets

In other Cricut news, CEO Arora Ashish sold 60,000 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $4.42, for a total value of $265,200.00. Following the sale, the chief executive officer directly owned 3,798,453 shares of the company’s stock, valued at $16,789,162.26. This trade represents a 1.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 245,459 shares of company stock worth $1,171,898 in the last quarter. 18.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. First Trust Advisors LP boosted its holdings in shares of Cricut by 1.3% during the second quarter. First Trust Advisors LP now owns 154,368 shares of the company’s stock worth $1,045,000 after purchasing an additional 1,977 shares during the period. Royce & Associates LP raised its holdings in shares of Cricut by 8.2% during the third quarter. Royce & Associates LP now owns 28,583 shares of the company’s stock worth $180,000 after acquiring an additional 2,176 shares in the last quarter. Deutsche Bank AG boosted its position in Cricut by 6.0% during the fourth quarter. Deutsche Bank AG now owns 41,949 shares of the company’s stock valued at $208,000 after purchasing an additional 2,374 shares during the last quarter. Osaic Holdings Inc. boosted its position in Cricut by 255.9% during the second quarter. Osaic Holdings Inc. now owns 3,644 shares of the company’s stock valued at $25,000 after purchasing an additional 2,620 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in Cricut by 9.1% in the third quarter. Exchange Traded Concepts LLC now owns 40,407 shares of the company’s stock valued at $254,000 after purchasing an additional 3,370 shares in the last quarter. Institutional investors and hedge funds own 19.60% of the company’s stock.

Cricut Trading Up 3.7%

Shares of NASDAQ:CRCT traded up $0.16 during midday trading on Wednesday, hitting $4.48. 929,730 shares of the stock were exchanged, compared to its average volume of 564,478. Cricut has a twelve month low of $3.94 and a twelve month high of $7.33. The company has a 50 day moving average price of $4.61 and a 200-day moving average price of $5.17. The stock has a market cap of $948.60 million, a P/E ratio of 11.79 and a beta of 0.17.

Cricut (NASDAQ:CRCT) last released its quarterly earnings results on Tuesday, March 3rd. The company reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. Cricut had a return on equity of 19.91% and a net margin of 11.31%.The company had revenue of $203.60 million during the quarter, compared to the consensus estimate of $202.22 million. On average, equities research analysts expect that Cricut will post 0.28 earnings per share for the current year.

About Cricut

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.