Cricut (NASDAQ:CRCT) Reaches New 52-Week High – Here’s Why

Shares of Cricut, Inc. (NASDAQ:CRCT) reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $6.82 and last traded at $6.7750, with a volume of 120,271 shares. The stock had previously closed at $6.49.

Analysts Set New Price Targets

CRCT has been the topic of a number of research analyst reports. Zacks Research downgraded Cricut from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Morgan Stanley restated an “underweight” rating and issued a $3.70 target price on shares of Cricut in a research note on Wednesday, August 5th. The Goldman Sachs Group assumed coverage on Cricut in a research note on Wednesday, August 19th. They issued a “sell” rating and a $4.50 price target on the stock. Finally, Weiss Ratings raised Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Two analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Strong Sell” and a consensus target price of $4.07.

Cricut Trading Down 3.7%

The company has a market cap of $1.35 billion, a PE ratio of 15.00 and a beta of 0.25. The firm has a 50 day moving average of $5.93 and a two-hundred day moving average of $4.93.

Cricut (NASDAQ:CRCT) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.13. Cricut had a return on equity of 24.57% and a net margin of 12.71%. The business had revenue of $156.28 million during the quarter, compared to analysts’ expectations of $159.95 million. On average, research analysts forecast that Cricut, Inc. will post 0.32 EPS for the current year.

Insider Activity

In related news, CEO Ashish Arora sold 60,000 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $5.48, for a total transaction of $328,800.00. Following the sale, the chief executive officer directly owned 4,027,105 shares of the company’s stock, valued at approximately $22,068,535.40. This represents a 1.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 610,000 shares of company stock valued at $3,504,600. 16.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its position in shares of Cricut by 57,811.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,212 shares of the company’s stock valued at $26,000 after acquiring an additional 5,203 shares in the last quarter. Royal Bank of Canada lifted its position in Cricut by 265.0% in the 1st quarter. Royal Bank of Canada now owns 8,165 shares of the company’s stock valued at $30,000 after acquiring an additional 5,928 shares in the last quarter. AXQ Capital LP bought a new position in Cricut in the 2nd quarter valued at approximately $74,000. Diversified Trust Co purchased a new stake in Cricut during the 1st quarter valued at $67,000. Finally, Walleye Capital LLC purchased a new stake in Cricut during the 1st quarter valued at $100,000. Institutional investors own 19.60% of the company’s stock.

Cricut Company Profile

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.