Cricut (NASDAQ:CRCT) Shares Down 5.8% - Here's Why

Cricut, Inc. (NASDAQ:CRCT - Get Free Report) was down 5.8% on Wednesday . The stock traded as low as $4.52 and last traded at $4.52. Approximately 116,315 shares traded hands during trading, a decline of 77% from the average daily volume of 496,135 shares. The stock had previously closed at $4.80.

Wall Street Analyst Weigh In

CRCT has been the subject of a number of research reports. Citigroup reissued a "sell" rating and issued a $4.00 price target (down previously from $6.00) on shares of Cricut in a report on Monday, April 14th. Morgan Stanley cut their price target on shares of 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 0.7 %

The company has a fifty day moving average price of $5.25 and a two-hundred day moving average price of $5.65. The firm has a market cap of $882.06 million, a P/E ratio of 14.82 and a beta of -0.02.

Cricut (NASDAQ:CRCT - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.02. Cricut had a return on equity of 12.36% and a net margin of 8.47%. The firm had revenue of $209.31 million during the quarter, compared to the consensus estimate of $214.41 million. As a group, sell-side analysts expect that Cricut, Inc. will post 0.28 EPS for the current year.

Insider Activity at Cricut

In other Cricut news, CEO Arora Ashish sold 21,250 shares of the company's stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.86, for a total transaction of $124,525.00. Following the completion of the sale, the chief executive officer now directly owns 3,694,127 shares in the company, valued at $21,647,584.22. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 270,009 shares of company stock worth $1,519,869. Company insiders own 18.02% of the company's stock.

Institutional Trading of Cricut

Several large investors have recently bought and sold shares of CRCT. Bank of New York Mellon Corp increased its position in Cricut by 175.0% during the 4th quarter. Bank of New York Mellon Corp now owns 476,540 shares of the company's stock worth $2,716,000 after purchasing an additional 303,236 shares in the last quarter. American Century Companies Inc. increased its holdings in Cricut by 25.8% in the 4th quarter. American Century Companies Inc. now owns 1,190,019 shares of the company's stock worth $6,783,000 after purchasing an additional 244,058 shares in the last quarter. Teacher Retirement System of Texas bought a new position in Cricut in the fourth quarter valued at about $1,029,000. JPMorgan Chase & Co. raised its holdings in Cricut by 296.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 185,098 shares of the company's stock valued at $1,283,000 after buying an additional 138,385 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC acquired a new stake in Cricut during the 4th quarter worth approximately $651,000. 19.60% of the stock is 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.