Goldman Sachs Group Inc. Sells 213,596 Shares of Cricut, Inc. $CRCT

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Cricut, Inc. by 43.0%, selling 213,596 shares during the first quarter, leaving it with 282,784 shares valued at approximately $1.46 million.
• Cricut reported $0.11 EPS in its latest quarter, surpassing analysts' expectations of $0.06, and had revenue of $172.11 million compared to the projected $158.59 million.
• Analyst sentiments are currently negative, with Wall Street Zen downgrading Cricut’s rating from "buy" to "hold," resulting in a consensus rating of "Sell" for the stock.

Goldman Sachs Group Inc. reduced its stake in shares of Cricut, Inc. (NASDAQ:CRCT - Free Report) by 43.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 282,784 shares of the company's stock after selling 213,596 shares during the period. Goldman Sachs Group Inc. owned approximately 0.13% of Cricut worth $1,456,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Strs Ohio bought a new stake in Cricut in the first quarter worth $333,000. Jane Street Group LLC lifted its stake in Cricut by 43.7% in the first quarter. Jane Street Group LLC now owns 20,176 shares of the company's stock worth $104,000 after purchasing an additional 6,140 shares during the last quarter. Ascent Group LLC bought a new stake in Cricut in the first quarter worth $218,000. Jacobs Levy Equity Management Inc. lifted its stake in Cricut by 305.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 309,756 shares of the company's stock worth $1,595,000 after purchasing an additional 233,292 shares during the last quarter. Finally, Ieq Capital LLC bought a new stake in Cricut in the first quarter worth $500,000. 19.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Sell" and an average price target of $4.52.

Cricut Stock Down 1.5%

Shares of NASDAQ:CRCT traded down $0.11 during midday trading on Tuesday, hitting $6.74. 176,256 shares of the stock traded hands, compared to its average volume of 512,736. The stock has a market capitalization of $1.43 billion, a PE ratio of 20.38 and a beta of 0.16. The business's 50 day moving average is $5.73 and its two-hundred day moving average is $5.70. Cricut, Inc. has a one year low of $3.94 and a one year high of $7.33.

Cricut (NASDAQ:CRCT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating 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, sell-side analysts forecast that Cricut, Inc. will post 0.28 earnings per share for the current year.

Insiders Place Their Bets

In other Cricut news, insider Ryan Harmer sold 18,771 shares of the company's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $5.70, for a total value of $106,994.70. Following the sale, the insider owned 334,951 shares in the company, valued at approximately $1,909,220.70. This represents a 5.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Arora Ashish sold 21,250 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $6.36, for a total transaction of $135,150.00. Following the completion of the sale, the chief executive officer owned 2,845,311 shares in the company, valued at approximately $18,096,177.96. This trade represents a 0.74% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 359,150 shares of company stock worth $2,110,193. 18.02% of the stock is currently owned by company insiders.

Cricut 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.