Arora Ashish Sells 60,000 Shares of Cricut (NASDAQ:CRCT) Stock

Key Points

• Cricut CEO Ashish Arora sold 60,000 shares at an average price of $5.68, generating $340,800. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his direct ownership by 1.10% to 5.42 million shares.
• Arora has made multiple additional sales of 60,000 shares each since early August, indicating a recurring pattern of insider selling.
• Cricut shares rose 2.1% to $5.71, despite analysts’ overall “Reduce” consensus rating and $4.07 average price target. The company recently beat quarterly EPS estimates, reporting $0.19 versus the $0.06 consensus, while revenue came in slightly below expectations.

Cricut, Inc. (NASDAQ:CRCT - Get Free Report) CEO Ashish Arora sold 60,000 shares of the company's stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $5.68, for a total transaction of $340,800.00. Following the completion of the sale, the chief executive officer directly owned 5,417,105 shares in the company, valued at $30,769,156.40. This trade represents a 1.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arora Ashish also recently made the following trade(s):

• On Tuesday, September 15th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.62, for a total value of $337,200.00.
• On Friday, September 4th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.61, for a total value of $336,600.00.
• On Wednesday, September 2nd, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.79, for a total value of $347,400.00.
• On Wednesday, August 19th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.48, for a total value of $328,800.00.
• On Monday, August 17th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.60, for a total transaction of $336,000.00.
• On Wednesday, August 5th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.98, for a total transaction of $358,800.00.
• On Monday, August 3rd, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $4.77, for a total transaction of $286,200.00.

Cricut Stock Up 2.1%

Shares of NASDAQ:CRCT traded up $0.12 during trading on Thursday, reaching $5.71. The stock had a trading volume of 507,140 shares, compared to its average volume of 601,201. The business has a fifty day moving average price of $5.28 and a 200-day moving average price of $4.60. The stock has a market cap of $1.20 billion, a P/E ratio of 13.28 and a beta of 0.25. Cricut, Inc. has a fifty-two week low of $3.73 and a fifty-two week high of $6.93.

Cricut (NASDAQ:CRCT - Get Free Report) last announced its 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 analyst estimates of $159.95 million. Cricut had a net margin of 12.71% and a return on equity of 24.57%. As a group, equities analysts forecast that Cricut, Inc. will post 0.32 EPS for the current year.

Institutional Investors Weigh In On Cricut

Several large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in Cricut by 30.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company's stock worth $3,687,000 after purchasing an additional 229,663 shares during the period. Renaissance Technologies LLC boosted its position in shares of Cricut by 2.7% in the first quarter. Renaissance Technologies LLC now owns 879,143 shares of the company's stock worth $3,288,000 after buying an additional 23,300 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Cricut during the 2nd quarter valued at about $2,409,000. Empowered Funds LLC boosted its holdings in Cricut by 18.1% in the 1st quarter. Empowered Funds LLC now owns 420,595 shares of the company's stock worth $1,573,000 after acquiring an additional 64,362 shares during the period. Finally, Bank of America Corp DE grew its position in Cricut by 124.4% in the first quarter. Bank of America Corp DE now owns 116,790 shares of the company's stock valued at $437,000 after acquiring an additional 64,737 shares in the last quarter. Institutional investors and hedge funds own 19.60% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CRCT shares. Morgan Stanley reiterated an "underweight" rating and set a $3.70 price objective on shares of Cricut in a report on Wednesday, August 5th. The Goldman Sachs Group began coverage on shares of Cricut in a research report on Wednesday, August 19th. They set a "sell" rating and a $4.50 price target for the company. Zacks Research raised shares of Cricut from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of Cricut from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 6th. 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 stock. According to data from MarketBeat, Cricut currently has a consensus rating of "Reduce" and a consensus target price of $4.07.

Cricut Company Profile

Cricut, Inc develops creative technology products that enable consumers to design and make personalized projects. Its ecosystem combines connected cutting, writing, scoring, and heat-transfer machines with digital design tools, project content, and a broad range of craft materials and accessories.

The company's product portfolio includes Cricut smart cutting machines, such as the Explore, Maker, and Joy families, as well as heat-press equipment and related tools. These products are used for applications including apparel decoration, paper crafts, home décor, personalized gifts, signage, and other do-it-yourself projects.

Cricut also operates a digital platform that provides design software, ready-to-make projects, fonts, images, and subscription-based content.

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