Cricut, Inc. $CRCT Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in Cricut, Inc. by 2.1%, selling 102,653 shares and now holds 4,740,590 shares valued at approximately $24.4 million.
• In recent months, several institutional investors, including Wells Fargo and Dimensional Fund Advisors, have increased their positions in Cricut, indicating growing interest in the stock.
• Despite insider selling activities, Wall Street analyst ratings for Cricut have improved, with a recent upgrade from "hold" to "buy," reflecting a potential positive outlook for the stock.

Vanguard Group Inc. cut its stake in shares of Cricut, Inc. (NASDAQ:CRCT - Free Report) by 2.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,740,590 shares of the company's stock after selling 102,653 shares during the quarter. Vanguard Group Inc. owned approximately 2.23% of Cricut worth $24,414,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its stake in shares of Cricut by 2.0% during the 1st 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 boosted its stake in Cricut by 10.9% in the 4th quarter. Northern Trust Corp now owns 451,772 shares of the company's stock worth $2,575,000 after purchasing an additional 44,260 shares during the period. D. E. Shaw & Co. Inc. boosted its stake in Cricut by 23.6% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 396,118 shares of the company's stock worth $2,258,000 after purchasing an additional 75,663 shares during the period. Lazard Asset Management LLC boosted its stake in Cricut by 47.4% in the 4th quarter. Lazard Asset Management LLC now owns 213,854 shares of the company's stock worth $1,218,000 after purchasing an additional 68,725 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Cricut by 46.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 127,114 shares of the company's stock worth $725,000 after purchasing an additional 40,174 shares during the period. 19.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cricut

In related news, General Counsel Matt Tuttle sold 40,491 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $5.69, for a total transaction of $230,393.79. Following the sale, the general counsel owned 329,164 shares of the company's stock, valued at $1,872,943.16. This trade represents a 10.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Arora Ashish sold 60,000 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $6.25, for a total value of $375,000.00. Following the sale, the chief executive officer directly owned 2,871,931 shares in the company, valued at approximately $17,949,568.75. The trade was a 2.05% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 496,650 shares of company stock worth $3,008,143. Insiders own 18.02% of the company's stock.

Analysts Set New Price Targets

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

Cricut Trading Down 0.9%

NASDAQ:CRCT traded down $0.05 during midday trading on Monday, hitting $5.70. 483,622 shares of the company traded hands, compared to its average volume of 810,290. The firm's fifty day moving average is $5.76 and its 200-day moving average is $5.63. Cricut, Inc. has a 12-month low of $3.94 and a 12-month high of $7.33. The firm has a market capitalization of $1.21 billion, a P/E ratio of 17.27 and a beta of 0.16.

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

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.