Cricut (NASDAQ:CRCT) Upgraded by The Goldman Sachs Group to “Strong Sell” Rating

The Goldman Sachs Group upgraded shares of Cricut (NASDAQ:CRCT) from a sell rating to a strong sell rating in a report published on Wednesday morning, MarketBeat Ratings reports.

A number of other analysts have also recently weighed in on the stock. Zacks Research upgraded shares of Cricut from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Morgan Stanley reiterated an “underweight” rating and set a $3.70 price objective on shares of Cricut in a research note on Wednesday, August 5th. Finally, Weiss Ratings raised shares of Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $4.07.

Cricut Price Performance

Shares of NASDAQ CRCT opened at $5.43 on Wednesday. The stock has a market capitalization of $1.14 billion, a P/E ratio of 12.63 and a beta of 0.19. Cricut has a 1-year low of $3.73 and a 1-year high of $6.93. The business has a fifty day moving average price of $4.79 and a 200 day moving average price of $4.45.

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

Insider Activity

In other Cricut news, CEO Arora Ashish sold 60,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $5.48, for a total value of $328,800.00. Following the completion of the sale, the chief executive officer directly owned 4,027,105 shares in the company, valued at approximately $22,068,535.40. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ryan Harmer sold 17,267 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $4.12, for a total value of $71,140.04. Following the completion of the sale, the insider owned 325,579 shares of the company’s stock, valued at approximately $1,341,385.48. This trade represents a 5.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 273,633 shares of company stock worth $1,451,314 over the last ninety days. 16.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cricut

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Cricut by 3.6% during the 3rd quarter. Vanguard Group Inc. now owns 4,729,857 shares of the company’s stock worth $29,751,000 after purchasing an additional 163,602 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Cricut by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 1,417,153 shares of the company’s stock worth $7,016,000 after buying an additional 31,736 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings 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 worth $8,675,000 after buying an additional 467,934 shares during the last quarter. State Street Corp lifted its stake in shares of Cricut by 0.9% during the fourth quarter. State Street Corp now owns 1,220,292 shares of the company’s stock worth $6,040,000 after buying an additional 11,170 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Cricut by 30.4% during the first quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company’s stock worth $3,687,000 after buying an additional 229,663 shares during the period. 19.60% of the stock is owned by hedge funds and other institutional investors.

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.