Ascent Group LLC Takes Position in Cricut, Inc. $CRCT

Key Points

• Ascent Group LLC acquired 42,400 shares of Cricut, Inc., valued at approximately $218,000, as part of its new position during the 1st quarter of 2023.
• Wall Street analysts have downgraded Cricut from a "buy" to a "hold" rating, with a consensus target price of $4.52.
• Cricut reported quarterly earnings of $0.11 EPS, surpassing analysts' expectations and generating revenue of $172.11 million, compared to estimates of $158.59 million.

Ascent Group LLC acquired a new stake in shares of Cricut, Inc. (NASDAQ:CRCT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 42,400 shares of the company's stock, valued at approximately $218,000.

Several other institutional investors have also bought and sold shares of the business. American Century Companies Inc. lifted its position in Cricut by 16.4% during the first quarter. American Century Companies Inc. now owns 1,385,320 shares of the company's stock valued at $7,134,000 after purchasing an additional 195,301 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Cricut by 2.0% in the first quarter. Bank of New York Mellon Corp now owns 485,840 shares of the company's stock valued at $2,502,000 after acquiring an additional 9,300 shares during the period. Northern Trust Corp raised its stake in shares of Cricut by 10.9% in the fourth quarter. Northern Trust Corp now owns 451,772 shares of the company's stock valued at $2,575,000 after acquiring an additional 44,260 shares during the period. D. E. Shaw & Co. Inc. raised its stake in shares of Cricut by 23.6% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 396,118 shares of the company's stock valued at $2,258,000 after acquiring an additional 75,663 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of 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 period. Institutional investors own 19.60% of the company's stock.

Insider Buying and Selling

In related news, General Counsel Matt Tuttle sold 40,491 shares of Cricut stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $5.69, for a total value of $230,393.79. Following the completion of the sale, the general counsel directly owned 329,164 shares in the company, valued at $1,872,943.16. This trade represents a 10.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ryan Harmer sold 18,771 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $5.70, for a total transaction of $106,994.70. Following the transaction, the insider directly owned 334,951 shares of the company's stock, valued at $1,909,220.70. This represents a 5.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 359,150 shares of company stock worth $2,110,193 in the last three months. Corporate insiders own 18.61% of the company's stock.

Cricut Stock Performance

Cricut stock traded up $0.06 during midday trading on Thursday, hitting $6.67. 218,164 shares of the company's stock were exchanged, compared to its average volume of 507,951. Cricut, Inc. has a 12 month low of $3.94 and a 12 month high of $7.33. The firm has a 50-day moving average of $5.64 and a two-hundred day moving average of $5.67. The company has a market cap of $1.42 billion, a PE ratio of 20.21 and a beta of 0.16.

Cricut (NASDAQ:CRCT - Get Free Report) last issued its 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. Cricut had a net margin of 10.09% and a return on equity of 16.49%. The company had revenue of $172.11 million for the quarter, compared to analysts' expectations of $158.59 million. As a group, equities analysts expect that Cricut, Inc. will post 0.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Cricut from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Cricut has a consensus rating of "Sell" and an average price target of $4.52.

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.