Cricut (NASDAQ:CRCT) Hits New 1-Year Low – What’s Next?

Cricut, Inc. (NASDAQ:CRCT)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $4.03 and last traded at $4.11, with a volume of 503355 shares trading hands. The stock had previously closed at $4.80.

Analysts Set New Price Targets

Several brokerages recently issued reports on CRCT. Morgan Stanley cut their target price on shares of Cricut from $3.90 to $3.80 and set an “underweight” rating on the stock in a research note on Thursday, March 6th. Citigroup restated a “sell” rating and issued a $4.00 target price (down from $6.00) on shares of Cricut in a research note on Monday.

Cricut Trading Down 14.4 %

The firm has a market cap of $873.56 million, a price-to-earnings ratio of 14.68 and a beta of -0.02. The firm’s 50-day moving average is $5.34 and its 200-day moving average is $5.71.

Cricut (NASDAQ:CRCT) last released its quarterly earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. Cricut had a return on equity of 12.36% and a net margin of 8.47%. The business had revenue of $209.31 million during the quarter, compared to the consensus estimate of $214.41 million. Analysts forecast that Cricut, Inc. will post 0.28 EPS for the current fiscal year.

Insider Activity at Cricut

In other news, CEO Arora Ashish sold 21,250 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.86, for a total value of $124,525.00. Following the completion of the sale, the chief executive officer now owns 3,694,127 shares in the company, valued at $21,647,584.22. This represents a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 270,009 shares of company stock valued at $1,519,869. 18.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its position in shares of Cricut by 175.0% during the 4th quarter. Bank of New York Mellon Corp now owns 476,540 shares of the company’s stock worth $2,716,000 after buying an additional 303,236 shares in the last quarter. American Century Companies Inc. lifted its holdings in Cricut by 25.8% during the fourth quarter. American Century Companies Inc. now owns 1,190,019 shares of the company’s stock worth $6,783,000 after acquiring an additional 244,058 shares during the period. Teacher Retirement System of Texas purchased a new position in Cricut in the fourth quarter worth $1,029,000. JPMorgan Chase & Co. grew its stake in Cricut by 296.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 185,098 shares of the company’s stock valued at $1,283,000 after purchasing an additional 138,385 shares during the period. Finally, O Shaughnessy Asset Management LLC purchased a new stake in shares of Cricut during the 4th quarter valued at $651,000. 19.60% of the stock is currently owned by hedge funds and other institutional investors.

About Cricut

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.