Bank of New York Mellon Corp Makes New $2.41 Million Investment in Cricut, Inc. $CRCT

Key Points

• Bank of New York Mellon acquired 548,703 Cricut shares worth approximately $2.41 million, representing about 0.26% of the company. Institutional investors and hedge funds collectively own 19.6% of CRCT.
• Analyst sentiment remains cautious: Cricut has an average “Reduce” rating and an average price target of $4.07, with ratings ranging from Strong Buy to Sell.
• Cricut exceeded quarterly EPS expectations, reporting $0.19 versus the $0.06 consensus estimate, although revenue of $156.28 million fell short of forecasts. Meanwhile, insiders sold 310,000 shares worth approximately $1.71 million over the past three months.

Bank of New York Mellon Corp acquired a new stake in Cricut, Inc. (NASDAQ:CRCT - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 548,703 shares of the company's stock, valued at approximately $2,409,000. Bank of New York Mellon Corp owned approximately 0.26% of Cricut at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CRCT. Osaic Holdings Inc. boosted its stake in Cricut by 255.9% in the second quarter. Osaic Holdings Inc. now owns 3,644 shares of the company's stock valued at $25,000 after buying an additional 2,620 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Cricut by 57,811.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,212 shares of the company's stock worth $26,000 after buying an additional 5,203 shares during the period. Royal Bank of Canada boosted its position in Cricut by 265.0% during the 1st quarter. Royal Bank of Canada now owns 8,165 shares of the company's stock worth $30,000 after buying an additional 5,928 shares during the period. Guggenheim Capital LLC bought a new stake in Cricut during the 4th quarter worth approximately $55,000. Finally, Brevan Howard Capital Management LP acquired a new position in Cricut in the 3rd quarter valued at approximately $75,000. 19.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on CRCT. Morgan Stanley reaffirmed an "underweight" rating and set a $3.70 price target on shares of Cricut in a research note on Wednesday, August 5th. Weiss Ratings upgraded Cricut from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 6th. Zacks Research raised Cricut from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. Finally, The Goldman Sachs Group assumed coverage on Cricut in a research report on Wednesday, August 19th. They issued a "sell" rating and a $4.50 price target on the stock. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, Cricut presently has an average rating of "Reduce" and an average target price of $4.07.

Cricut Stock Performance

Shares of CRCT stock opened at $5.54 on Tuesday. Cricut, Inc. has a fifty-two week low of $3.73 and a fifty-two week high of $6.93. The stock has a 50 day simple moving average of $5.12 and a two-hundred day simple moving average of $4.55. The company has a market cap of $1.16 billion, a P/E ratio of 12.88 and a beta of 0.25.

Cricut (NASDAQ:CRCT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.13. The firm had revenue of $156.28 million for the quarter, compared to analysts' expectations of $159.95 million. Cricut had a return on equity of 24.57% and a net margin of 12.71%. On average, research analysts predict that Cricut, Inc. will post 0.32 earnings per share for the current year.

Insider Buying and Selling at Cricut

In other news, insider Ryan Harmer sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $5.70, for a total transaction of $57,000.00. Following the transaction, the insider owned 314,428 shares in the company, valued at approximately $1,792,239.60. This represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ashish Arora sold 60,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $5.48, for a total transaction of $328,800.00. Following the transaction, the chief executive officer directly owned 4,027,105 shares in the company, valued at $22,068,535.40. This trade represents a 1.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 310,000 shares of company stock worth $1,714,200. 16.48% of the stock is owned by insiders.

Cricut Profile

Cricut, Inc NASDAQ: CRCT is a U.S.-based technology company specializing in personal and small-business crafting solutions. The company designs and markets a family of cutting machines that leverage computer-aided design to precisely cut a wide range of materials, including paper, vinyl, fabric and leather. Complementing its hardware offerings, Cricut provides proprietary software and mobile applications that enable users to create custom artwork, import graphics and access a vast library of pre-designed projects and fonts through a subscription service.

Founded as a division of Provo Craft & Novelty in 2005, Cricut emerged as an independent public company in March 2021.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.