Cricut, Inc. $CRCT Shares Bought by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. increased its stake in Cricut, Inc. by 305.1% in the first quarter, purchasing an additional 233,292 shares to own a total of 309,756 shares. The investment is valued at approximately $1.6 million.
• Cricut's shares opened at $6.24 with a 52-week low of $3.94 and a high of $7.33, indicating volatility in the stock price.
• Insider selling activity was noted, including CEO Ashish Arora selling 60,000 shares for $375,000, reflecting a 2.05% decrease in his ownership.

Jacobs Levy Equity Management Inc. grew its position in shares of Cricut, Inc. (NASDAQ:CRCT - Free Report) by 305.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 309,756 shares of the company's stock after purchasing an additional 233,292 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.15% of Cricut worth $1,595,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. American Century Companies Inc. raised its stake in shares of Cricut by 16.4% in the first quarter. American Century Companies Inc. now owns 1,385,320 shares of the company's stock valued at $7,134,000 after acquiring an additional 195,301 shares in 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 in the last quarter. 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 in the last quarter. 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 in the last quarter. Finally, Martingale Asset Management L P raised its stake in shares of Cricut by 7.5% in the first quarter. Martingale Asset Management L P now owns 247,113 shares of the company's stock valued at $1,273,000 after acquiring an additional 17,242 shares in the last quarter. 19.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cricut news, CEO Arora Ashish sold 60,000 shares of the firm's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $6.25, for a total transaction of $375,000.00. Following the transaction, the chief executive officer owned 2,871,931 shares of the company's stock, valued at approximately $17,949,568.75. This trade represents a 2.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $230,393.79. Following the transaction, the general counsel directly owned 329,164 shares in the company, valued at approximately $1,872,943.16. This represents a 10.95% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 479,150 shares of company stock worth $2,894,393. Corporate insiders own 18.61% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen cut 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 presently has an average rating of "Sell" and an average price target of $4.52.

Cricut Stock Performance

Shares of CRCT stock traded up $0.13 during mid-day trading on Friday, hitting $6.61. 927,713 shares of the stock were exchanged, compared to its average volume of 631,089. The stock's fifty day simple moving average is $5.60 and its two-hundred day simple moving average is $5.64. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 20.03 and a beta of 0.16. Cricut, Inc. has a 12-month low of $3.94 and a 12-month high of $7.33.

Cricut (NASDAQ:CRCT - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $172.11 million for the quarter, compared to analyst estimates of $158.59 million. Cricut had a return on equity of 16.49% and a net margin of 10.09%. On average, research analysts expect that Cricut, Inc. will post 0.28 earnings per share 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.