Dimensional Fund Advisors LP Acquires 229,663 Shares of Cricut, Inc. $CRCT

Key Points

• Dimensional Fund Advisors increased its Cricut stake by 30.4% in the first quarter, acquiring 229,663 shares to own 985,868 shares valued at approximately $3.69 million. Institutional investors collectively hold 19.6% of the company.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $3.82. Ratings include one Strong Buy, one Hold and four Sell recommendations.
• Cricut reported quarterly EPS of $0.19, exceeding the $0.06 consensus estimate, while revenue of $156.28 million fell short of the $159.95 million forecast. Insiders have sold 213,633 shares worth about $1.02 million over the past three months.

Dimensional Fund Advisors LP increased its holdings in Cricut, Inc. (NASDAQ:CRCT - Free Report) by 30.4% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 985,868 shares of the company's stock after purchasing an additional 229,663 shares during the period. Dimensional Fund Advisors LP owned approximately 0.47% of Cricut worth $3,687,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp raised its position in Cricut by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 557,359 shares of the company's stock worth $2,085,000 after purchasing an additional 25,642 shares during the period. Diversified Trust Co purchased a new stake in Cricut during the 1st quarter valued at about $67,000. Corient Private Wealth LLC lifted its position in Cricut by 34.6% in the fourth quarter. Corient Private Wealth LLC now owns 16,917 shares of the company's stock valued at $84,000 after purchasing an additional 4,349 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Cricut by 57,811.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,212 shares of the company's stock valued at $26,000 after purchasing an additional 5,203 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Cricut by 29.7% during the fourth quarter. Invesco Ltd. now owns 132,981 shares of the company's stock valued at $658,000 after purchasing an additional 30,484 shares during the period. Institutional investors own 19.60% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CRCT. Weiss Ratings upgraded shares of Cricut from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 6th. The Goldman Sachs Group reiterated a "sell" rating and set a $3.75 target price on shares of Cricut in a report on Wednesday, May 6th. Morgan Stanley reissued an "underweight" rating and issued a $3.70 target price on shares of Cricut in a research note on Wednesday, August 5th. Finally, Zacks Research upgraded Cricut from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $3.82.

Insider Activity

In other news, insider Ryan Harmer sold 17,267 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $4.12, for a total value of $71,140.04. Following the transaction, the insider owned 325,579 shares in the company, valued at approximately $1,341,385.48. This represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Arora Ashish sold 60,000 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $5.98, for a total transaction of $358,800.00. Following the completion of the transaction, the chief executive officer owned 4,207,105 shares in the company, valued at approximately $25,158,487.90. This represents a 1.41% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 213,633 shares of company stock worth $1,023,514 over the last three months. 16.48% of the stock is currently owned by insiders.

Cricut Stock Down 1.5%

Shares of CRCT opened at $5.88 on Thursday. The business's 50 day moving average price is $4.66 and its 200-day moving average price is $4.40. Cricut, Inc. has a 52 week low of $3.73 and a 52 week high of $6.93. The stock has a market cap of $1.23 billion, a P/E ratio of 13.67 and a beta of 0.19.

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

About Cricut

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.

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