Cricut (NASDAQ:CRCT) Hits New 52-Week High - Time to Buy?

Cricut, Inc. (NASDAQ:CRCT - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $7.05 and last traded at $6.95, with a volume of 504465 shares changing hands. The stock had previously closed at $6.77.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Citigroup reiterated a "sell" rating and issued a $4.00 price objective (down from $6.00) on shares of Cricut in a research note on Monday, April 14th. Morgan Stanley lowered their price target on Cricut from $3.90 to $3.80 and set an "underweight" rating on the stock in a research report on Thursday, March 6th.

Cricut Trading Up 1.2%

The stock has a market capitalization of $1.55 billion, a P/E ratio of 23.55 and a beta of 0.16. The firm's fifty day moving average is $6.17 and its 200-day moving average is $5.68.

Cricut (NASDAQ:CRCT - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.03. The company had revenue of $162.63 million during the quarter, compared to analysts' expectations of $158.55 million. Cricut had a net margin of 9.48% and a return on equity of 14.27%. Equities research analysts expect that Cricut, Inc. will post 0.28 EPS for the current year.

Cricut Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, July 7th will be issued a dividend of $0.10 per share. This represents a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, July 7th. Cricut's payout ratio is presently 64.52%.

Insider Activity

In other Cricut news, CEO Arora Ashish sold 60,000 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $6.57, for a total transaction of $394,200.00. Following the sale, the chief executive officer owned 2,931,931 shares of the company's stock, valued at $19,262,786.67. This represents a 2.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 480,000 shares of company stock valued at $3,009,000 over the last three months. Insiders own 18.61% of the company's stock.

Hedge Funds Weigh In On Cricut

Large investors have recently modified their holdings of the stock. Strs Ohio bought a new position in Cricut in the 1st quarter worth approximately $333,000. Jane Street Group LLC lifted its stake in shares of Cricut by 43.7% during the first quarter. Jane Street Group LLC now owns 20,176 shares of the company's stock valued at $104,000 after acquiring an additional 6,140 shares during the period. Ascent Group LLC acquired a new position in shares of Cricut during the first quarter valued at $218,000. Jacobs Levy Equity Management Inc. boosted its holdings in Cricut by 305.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 309,756 shares of the company's stock valued at $1,595,000 after acquiring an additional 233,292 shares during the last quarter. Finally, Ieq Capital LLC acquired a new stake in Cricut in the first quarter worth about $500,000. 19.60% of the stock is currently owned by institutional investors and hedge funds.

About Cricut

Cricut, Inc engages in the design, marketing, and distribution of a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates through three segments: Connected Machines, Subscriptions, and Accessories and Materials. The company offers connected machines, design apps, and accessories and materials for users to create personalized birthday cards, mugs, T-shirts, and large-scale interior decorations.