Insider Selling: Cricut (NASDAQ:CRCT) CEO Sells $390,000.00 in Stock

Cricut, Inc. (NASDAQ:CRCT) CEO Ashish Arora sold 60,000 shares of Cricut stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $6.50, for a total transaction of $390,000.00. Following the completion of the transaction, the chief executive officer directly owned 5,208,740 shares in the company, valued at $33,856,810. This trade represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arora Ashish also recently made the following trade(s):

• On Monday, October 5th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $6.43, for a total transaction of $385,800.00.
• On Thursday, September 17th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.68, for a total value of $340,800.00.
• On Tuesday, September 15th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.62, for a total transaction of $337,200.00.
• On Friday, September 4th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.61, for a total value of $336,600.00.
• On Wednesday, September 2nd, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.79, for a total transaction of $347,400.00.
• On Wednesday, August 19th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.48, for a total value of $328,800.00.
• On Monday, August 17th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.60, for a total transaction of $336,000.00.
• On Wednesday, August 5th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.98, for a total value of $358,800.00.
• On Monday, August 3rd, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $4.77, for a total value of $286,200.00.

Cricut Stock Performance

Shares of Cricut stock traded down $0.05 during trading hours on Monday, reaching $6.47. The company’s stock had a trading volume of 617,212 shares, compared to its average volume of 632,377. The company has a market capitalization of $1.36 billion, a P/E ratio of 15.05 and a beta of 0.25. Cricut, Inc. has a one year low of $3.73 and a one year high of $6.66. The stock’s fifty day simple moving average is $5.70 and its two-hundred day simple moving average is $4.78.

Cricut (NASDAQ:CRCT) last posted its earnings results on Tuesday, August 4th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.06 by $0.13. Cricut had a net margin of 12.71% and a return on equity of 24.57%. The firm had revenue of $156.28 million for the quarter, compared to analysts’ expectations of $159.95 million. As a group, research analysts forecast that Cricut, Inc. will post 0.32 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CRCT. Morgan Stanley restated an “underweight” rating and set a $3.70 target price on shares of Cricut in a report on Wednesday, August 5th. The Goldman Sachs Group assumed coverage on Cricut in a research report on Wednesday, August 19th. They issued a “sell” rating and a $4.50 target price for the company. Zacks Research raised shares of Cricut from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Finally, Weiss Ratings raised Cricut from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, Cricut currently has an average rating of “Reduce” and an average price target of $4.07.

Institutional Investors Weigh In On Cricut

Several hedge funds and other institutional investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd increased its stake in Cricut by 57,811.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,212 shares of the company’s stock worth $26,000 after buying an additional 5,203 shares during the period. Royal Bank of Canada increased its position in Cricut by 265.0% during the 1st quarter. Royal Bank of Canada now owns 8,165 shares of the company’s stock valued at $30,000 after purchasing an additional 5,928 shares during the period. E6 Portfolios LLC bought a new stake in shares of Cricut in the 4th quarter valued at about $75,000. AXQ Capital LP purchased a new position in shares of Cricut in the 2nd quarter valued at $74,000. Finally, Diversified Trust Co bought a new position in Cricut in the first quarter worth about $67,000. 19.60% of the stock is currently owned by hedge funds and other institutional investors.

About Cricut

Cricut, Inc develops and sells digital crafting technology that enables users to design, make and personalize projects. Its ecosystem includes connected cutting, heat-press, engraving and other crafting machines, along with the company’s Design Space software, which allows users to create projects, prepare designs and operate compatible devices.

The company also offers a broad selection of consumable materials and accessories, including vinyl, iron-on materials, paper, specialty fabrics, cutting tools, replacement components and related crafting supplies.