Cricut (NASDAQ:CRCT) Trading 6.3% Higher

Cricut, Inc. (NASDAQ:CRCT - Get Free Report)'s stock price rose 6.3% during mid-day trading on Tuesday . The company traded as high as $5.25 and last traded at $5.25. Approximately 106,255 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 880,312 shares. The stock had previously closed at $4.94.

Analyst Upgrades and Downgrades

CRCT has been the subject of a number of recent research reports. Citigroup decreased their price objective on shares of Cricut from $8.50 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, March 6th. Barclays reduced their target price on shares of Cricut from $6.00 to $4.00 and set an "underweight" rating for the company in a research note on Thursday, March 7th. Finally, The Goldman Sachs Group dropped their price target on shares of Cricut from $7.00 to $5.75 and set a "neutral" rating for the company in a research report on Wednesday, March 6th.

Cricut Stock Up 2.4 %

The company has a market cap of $1.10 billion, a price-to-earnings ratio of 21.08 and a beta of 0.11. The company's fifty day moving average price is $5.00 and its two-hundred day moving average price is $6.52.

Cricut (NASDAQ:CRCT - Get Free Report) last posted its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.02). The firm had revenue of $231.25 million for the quarter, compared to analyst estimates of $252.67 million. Cricut had a return on equity of 9.59% and a net margin of 7.01%. The business's quarterly revenue was down 17.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.05 EPS. Research analysts forecast that Cricut, Inc. will post 0.25 earnings per share for the current year.

Insider Activity at Cricut

In related news, major shareholder Abdiel Capital Management, Llc sold 1,000,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $4.83, for a total value of $4,830,000.00. Following the completion of the sale, the insider now owns 5,273,978 shares of the company's stock, valued at $25,473,313.74. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 18.46% of the stock is currently owned by company insiders.

Institutional Trading of Cricut

A number of hedge funds and other institutional investors have recently modified their holdings of CRCT. Royal Bank of Canada boosted its stake in Cricut by 154.0% in the second quarter. Royal Bank of Canada now owns 3,183 shares of the company's stock valued at $39,000 after acquiring an additional 1,930 shares during the last quarter. UBS Group AG boosted its stake in Cricut by 203.0% in the third quarter. UBS Group AG now owns 3,436 shares of the company's stock valued at $32,000 after acquiring an additional 2,302 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in Cricut in the second quarter valued at approximately $48,000. Allspring Global Investments Holdings LLC bought a new position in Cricut in the third quarter valued at approximately $46,000. Finally, Legal & General Group Plc boosted its stake in Cricut by 113.2% in the second quarter. Legal & General Group Plc now owns 6,033 shares of the company's stock valued at $37,000 after acquiring an additional 3,203 shares during the last quarter. Institutional investors and hedge funds own 19.60% of the company's stock.

Cricut Company 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.