Cricut (NASDAQ:CRCT) Given Sell Rating at Citigroup

Citigroup reissued their sell rating on shares of Cricut (NASDAQ:CRCT - Free Report) in a research report sent to investors on Monday morning, MarketBeat Ratings reports. They currently have a $4.00 target price on the stock, down from their prior target price of $6.00.

Separately, Morgan Stanley reduced their price objective on shares of Cricut from $3.90 to $3.80 and set an "underweight" rating for the company in a research note on Thursday, March 6th.

Cricut Stock Performance

NASDAQ CRCT traded up $0.01 during trading hours on Monday, reaching $4.12. 397,285 shares of the company's stock were exchanged, compared to its average volume of 494,483. The company has a market capitalization of $875.68 million, a price-to-earnings ratio of 14.71 and a beta of -0.02. The company's 50-day moving average is $5.28 and its two-hundred day moving average is $5.67. Cricut has a one year low of $3.94 and a one year high of $8.40.

Cricut (NASDAQ:CRCT - Get Free Report) last announced its earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share (EPS) for the quarter, beating 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 business had revenue of $209.31 million for the quarter, compared to analyst estimates of $214.41 million. Research analysts predict that Cricut will post 0.28 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Arora Ashish sold 21,250 shares of Cricut stock in a transaction dated 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 transaction, the chief executive officer now owns 3,694,127 shares in the company, valued at approximately $21,647,584.22. This trade represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 270,009 shares of company stock valued at $1,519,869 in the last quarter. Company insiders own 18.02% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC lifted its holdings in Cricut by 366.6% during the 3rd quarter. Barclays PLC now owns 76,440 shares of the company's stock valued at $529,000 after purchasing an additional 60,058 shares during the last quarter. Geode Capital Management LLC grew its stake in Cricut by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,081,319 shares of the company's stock valued at $7,495,000 after buying an additional 9,940 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Cricut by 6.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 87,528 shares of the company's stock worth $607,000 after acquiring an additional 5,613 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Cricut by 296.2% during the third quarter. JPMorgan Chase & Co. now owns 185,098 shares of the company's stock worth $1,283,000 after acquiring an additional 138,385 shares during the period. Finally, Teacher Retirement System of Texas acquired a new position in shares of Cricut in the fourth quarter valued at approximately $1,029,000. 19.60% of the stock is currently owned by institutional investors.

Cricut Company Profile

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.