Cricut (NASDAQ:CRCT) CEO Sells 60,000 Shares

Key Points

• Cricut CEO Ashish Arora sold 60,000 shares at an average price of $5.61, generating $336,600. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, leaving him with 5.60 million shares.
• Cricut shares fell 1.6% to $5.45 during trading, though the company recently exceeded quarterly EPS expectations with $0.19 versus a $0.06 consensus estimate; revenue of $156.28 million missed expectations.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and a $4.07 target price. Institutional ownership stands at 19.6%, with several investment firms recently increasing their positions.

Cricut, Inc. (NASDAQ:CRCT - Get Free Report) CEO Ashish Arora sold 60,000 shares of the business's stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $5.61, for a total transaction of $336,600.00. Following the transaction, the chief executive officer directly owned 5,597,105 shares of the company's stock, valued at $31,399,759.05. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 transaction of $347,400.00.
• On Wednesday, August 19th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were 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 stock was sold at an average price of $5.60, for a total value of $336,000.00.
• On Wednesday, August 5th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.98, for a total value of $358,800.00.
• On Monday, August 3rd, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $4.77, for a total value of $286,200.00.

Cricut Stock Down 1.6%

Cricut stock traded down $0.09 during mid-day trading on Tuesday, hitting $5.45. 556,627 shares of the company's stock traded hands, compared to its average volume of 602,625. The firm has a 50 day moving average price of $5.12 and a 200 day moving average price of $4.55. The company has a market cap of $1.14 billion, a PE ratio of 12.67 and a beta of 0.25. Cricut, Inc. has a one year low of $3.73 and a one year high of $6.93.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Jane Street Group LLC boosted its position in shares of Cricut by 43.7% in the 1st quarter. Jane Street Group LLC now owns 20,176 shares of the company's stock valued at $104,000 after purchasing an additional 6,140 shares during the period. Legal & General Group Plc raised its holdings in Cricut by 15.8% during the 2nd quarter. Legal & General Group Plc now owns 59,246 shares of the company's stock worth $401,000 after buying an additional 8,095 shares during the period. Franklin Resources Inc. purchased a new stake in Cricut during the second quarter valued at about $232,000. Russell Investments Group Ltd. boosted its holdings in shares of Cricut by 288.7% in the second quarter. Russell Investments Group Ltd. now owns 21,017 shares of the company's stock worth $142,000 after buying an additional 15,610 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Cricut by 20.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 911,221 shares of the company's stock worth $6,169,000 after acquiring an additional 157,448 shares in the last quarter. Institutional investors own 19.60% of the company's stock.

Analyst Upgrades and Downgrades

CRCT has been the topic of several research analyst reports. The Goldman Sachs Group initiated coverage on shares of Cricut in a research note on Wednesday, August 19th. They set a "sell" rating and a $4.50 target price on the stock. Zacks Research raised Cricut from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 5th. Morgan Stanley reaffirmed an "underweight" rating and set a $3.70 target price on shares of Cricut in a report on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of Cricut from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. One equities research 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus target price of $4.07.

Cricut Company Profile

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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