KLP Kapitalforvaltning AS Invests $323,000 in Cricut, Inc. (NASDAQ:CRCT)

KLP Kapitalforvaltning AS bought a new position in Cricut, Inc. (NASDAQ:CRCT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 56,700 shares of the company's stock, valued at approximately $323,000.

Other hedge funds have also modified their holdings of the company. R Squared Ltd purchased a new stake in shares of Cricut during the fourth quarter worth about $36,000. Copeland Capital Management LLC acquired a new stake in Cricut during the fourth quarter valued at $63,000. Drive Wealth Management LLC acquired a new stake in shares of Cricut during the 4th quarter valued at about $64,000. Olympiad Research LP acquired a new position in shares of Cricut during the 4th quarter worth approximately $67,000. Finally, Quantbot Technologies LP purchased a new position in Cricut during the third quarter valued at $93,000. 19.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Morgan Stanley decreased their target price on Cricut from $3.90 to $3.80 and set an "underweight" rating on the stock in a research report on Thursday, March 6th.

Insider Activity

In other news, CEO Arora Ashish sold 21,250 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.86, for a total transaction of $124,525.00. Following the completion of the transaction, the chief executive officer now directly owns 3,694,127 shares in the company, valued at approximately $21,647,584.22. This represents a 0.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 270,009 shares of company stock valued at $1,519,869 in the last 90 days. Company insiders own 18.02% of the company's stock.

Cricut Trading Down 3.2 %

NASDAQ:CRCT traded down $0.16 during trading hours on Thursday, hitting $4.85. The company had a trading volume of 413,193 shares, compared to its average volume of 501,030. Cricut, Inc. has a 1 year low of $4.53 and a 1 year high of $8.40. The company has a market cap of $1.03 billion, a P/E ratio of 17.32 and a beta of -0.02. The company has a 50-day moving average of $5.41 and a 200 day moving average of $5.76.

Cricut (NASDAQ:CRCT - Get Free Report) last announced its quarterly earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.02. Cricut had a net margin of 8.47% and a return on equity of 12.36%. The firm had revenue of $209.31 million for the quarter, compared to analysts' expectations of $214.41 million. On average, analysts forecast that Cricut, Inc. will post 0.28 earnings per share for the current year.

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.