Cricut (NASDAQ:CRCT) Sets New 52-Week High - Here's What Happened

Key Points

• Cricut shares reached a new 52-week high of $6.49 and were recently trading around $6.47, above their prior close of $6.41. The company has a market capitalization of approximately $1.35 billion.
• Analyst sentiment remains cautious despite the stock’s rise: Cricut has an average “Reduce” rating and a consensus price target of $4.07, with ratings ranging from “Strong Buy” to “Sell.”
• Cricut’s latest quarterly results beat earnings expectations, reporting $0.19 in EPS versus a $0.06 estimate, although revenue of $156.28 million fell short of the $159.95 million consensus. Insiders sold 490,000 shares worth approximately $2.73 million during the last quarter.

Cricut, Inc. (NASDAQ:CRCT - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $6.49 and last traded at $6.4710, with a volume of 25474 shares. The stock had previously closed at $6.41.

Analyst Ratings Changes

CRCT has been the topic of several research reports. Zacks Research upgraded shares of Cricut from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. 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 price objective for the company. 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 reissued an "underweight" rating and issued a $3.70 price objective on shares of Cricut in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Cricut currently has an average rating of "Reduce" and an average price target of $4.07.

Cricut Stock Up 0.5%

The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 15.01 and a beta of 0.25. The business has a 50 day moving average price of $5.53 and a 200-day moving average price of $4.71.

Cricut (NASDAQ:CRCT - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.19 EPS for the quarter, topping the consensus estimate 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 return on equity of 24.57% and a net margin of 12.71%. Research analysts anticipate that Cricut, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Ryan Harmer sold 10,000 shares of the firm's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $5.70, for a total transaction of $57,000.00. Following the completion of the sale, the insider directly owned 314,428 shares of the company's stock, valued at approximately $1,792,239.60. This trade represents a 3.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ashish Arora sold 60,000 shares of Cricut stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $5.68, for a total transaction of $340,800.00. Following 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 490,000 shares of company stock worth $2,728,800 in the last quarter. Insiders own 16.48% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. AXQ Capital LP purchased a new stake in Cricut during the 2nd quarter worth approximately $74,000. Public Employees Retirement System of Ohio purchased a new position in shares of Cricut during the 2nd quarter valued at approximately $355,000. Bank of New York Mellon Corp purchased a new position in shares of Cricut during the 2nd quarter valued at approximately $2,409,000. Bank of America Corp DE grew its position in shares of Cricut by 124.4% during the first quarter. Bank of America Corp DE now owns 116,790 shares of the company's stock worth $437,000 after buying an additional 64,737 shares in the last quarter. Finally, Royal Bank of Canada grew its position in shares of Cricut by 265.0% during the first quarter. Royal Bank of Canada now owns 8,165 shares of the company's stock worth $30,000 after buying an additional 5,928 shares in the last quarter. Hedge funds and other institutional investors own 19.60% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.