Cricut (NASDAQ:CRCT) Stock Price Up 5.2% - Here's Why

Key Points

• Cricut, Inc. (NASDAQ:CRCT) shares experienced a 5.2% increase during mid-day trading, closing at $5.85 after reaching a high of $5.83.
• Wall Street Zen has upgraded Cricut's stock from a "hold" to a "buy" rating, despite the stock having a consensus rating of "sell" with an average target price of $4.52.
• Recently reported earnings show Cricut exceeded expectations with a EPS of $0.11 against an estimated $0.06, and a revenue of $172.11 million versus the expected $158.59 million.

Cricut, Inc. (NASDAQ:CRCT - Get Free Report)'s stock price was up 5.2% on Tuesday . The stock traded as high as $5.83 and last traded at $5.85. Approximately 115,676 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 484,607 shares. The stock had previously closed at $5.56.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Cricut from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Sell" and an average price target of $4.52.

Cricut Trading Up 2.4%

The stock has a market cap of $1.28 billion, a P/E ratio of 18.24 and a beta of 0.15. The stock's fifty day moving average price is $5.84 and its 200 day moving average price is $5.62.

Cricut (NASDAQ:CRCT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.05. The firm had revenue of $172.11 million during the quarter, compared to analyst estimates of $158.59 million. Cricut had a return on equity of 16.49% and a net margin of 10.09%. As a group, sell-side analysts forecast that Cricut, Inc. will post 0.28 earnings per share for the current year.

Insider Transactions at Cricut

In other Cricut news, General Counsel Matt Tuttle sold 40,491 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $5.69, for a total value of $230,393.79. Following the completion of the transaction, the general counsel owned 329,164 shares of the company's stock, valued at approximately $1,872,943.16. The trade was a 10.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arora Ashish sold 60,000 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $6.25, for a total value of $375,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,871,931 shares of the company's stock, valued at approximately $17,949,568.75. This trade represents a 2.05% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 510,570 shares of company stock valued at $3,111,450. 18.61% of the stock is owned by insiders.

Hedge Funds Weigh In On Cricut

A number of hedge funds have recently bought and sold shares of the business. MQS Management LLC bought a new position in shares of Cricut in the 1st quarter worth approximately $59,000. ProShare Advisors LLC bought a new position in shares of Cricut in the 4th quarter worth approximately $75,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of Cricut in the 2nd quarter worth approximately $80,000. Public Employees Retirement System of Ohio bought a new position in shares of Cricut in the 4th quarter worth approximately $89,000. Finally, Copeland Capital Management LLC increased its holdings in Cricut by 16.4% in the 2nd quarter. Copeland Capital Management LLC now owns 13,632 shares of the company's stock worth $92,000 after acquiring an additional 1,917 shares in the last quarter. Hedge funds and other institutional investors own 19.60% of the company's stock.

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.