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

Key Points

• Cricut CEO Arora Ashish sold 60,000 shares at an average price of $5.60, generating $336,000; the transaction was made under a pre-arranged Rule 10b5-1 trading plan and reduced his stake by 1.43%.
• Cricut shares traded at $5.43, with the stock above its 50-day and 200-day moving averages. The company exceeded quarterly EPS expectations with $0.19 per share, although revenue of $156.28 million fell short of estimates.
• Analyst sentiment remains cautious: Cricut has an average “Reduce” rating and a $4.07 target price, despite one firm upgrading the stock to “strong buy.”

Cricut, Inc. (NASDAQ:CRCT - Get Free Report) CEO Arora Ashish sold 60,000 shares of the company's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $5.60, for a total transaction of $336,000.00. Following the completion of the sale, the chief executive officer owned 4,147,105 shares of the company's stock, valued at approximately $23,223,788. The trade was a 1.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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, August 19th, Arora Ashish sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.48, for a total transaction of $328,800.00.
• On Wednesday, August 5th, Arora Ashish 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, Arora Ashish 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.
• On Monday, June 1st, Arora Ashish sold 16,366 shares of Cricut stock. The stock was sold at an average price of $4.30, for a total transaction of $70,373.80.

Cricut Stock Performance

NASDAQ:CRCT traded down $0.05 on Wednesday, hitting $5.43. The stock had a trading volume of 1,053,373 shares, compared to its average volume of 587,595. Cricut, Inc. has a 1 year low of $3.73 and a 1 year high of $6.93. The firm's fifty day simple moving average is $4.77 and its two-hundred day simple moving average is $4.44. The stock has a market cap of $1.14 billion, a P/E ratio of 12.63 and a beta of 0.19.

Cricut (NASDAQ:CRCT - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.19 earnings per share 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 the consensus estimate of $159.95 million. Cricut had a return on equity of 24.57% and a net margin of 12.71%. Equities research analysts predict that Cricut, Inc. will post 0.32 EPS for the current year.

Institutional Investors Weigh In On Cricut

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRCT. Osaic Holdings Inc. boosted its position in Cricut by 255.9% during the second quarter. Osaic Holdings Inc. now owns 3,644 shares of the company's stock worth $25,000 after purchasing an additional 2,620 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of 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 period. Royal Bank of Canada lifted its stake in shares of Cricut by 265.0% during the 1st quarter. Royal Bank of Canada now owns 8,165 shares of the company's stock valued at $30,000 after buying an additional 5,928 shares in the last quarter. Guggenheim Capital LLC bought a new position in Cricut in the 4th quarter worth approximately $55,000. Finally, Orion Porfolio Solutions LLC bought a new position in Cricut in the 4th quarter worth approximately $63,000. 19.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on CRCT. Zacks Research upgraded shares of Cricut from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. The Goldman Sachs Group started coverage on shares of Cricut in a research note on Wednesday. They issued a "sell" rating and a $4.50 target price on the stock. Weiss Ratings raised shares of Cricut from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Finally, Morgan Stanley restated an "underweight" rating and set a $3.70 price target on shares of Cricut in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $4.07.

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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