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

Cricut, Inc. (NASDAQ:CRCT) CEO Ashish Arora sold 60,000 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $6.50, for a total value of $390,000.00. Following the completion of the sale, the chief executive officer owned 5,208,740 shares in the company, valued at $33,856,810. The trade was a 1.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 Monday, October 5th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $6.43, for a total value of $385,800.00.
• On Thursday, September 17th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.68, for a total value of $340,800.00.
• On Tuesday, September 15th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.62, for a total transaction of $337,200.00.
• On Friday, September 4th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.61, for a total transaction of $336,600.00.
• On Wednesday, September 2nd, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.79, for a total transaction of $347,400.00.
• On Wednesday, August 19th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.48, for a total value of $328,800.00.
• On Monday, August 17th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.60, for a total transaction of $336,000.00.
• On Wednesday, August 5th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.98, for a total value of $358,800.00.
• On Monday, August 3rd, Ashish Arora 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.

Cricut Stock Performance

CRCT stock traded down $0.05 during midday trading on Monday, reaching $6.47. 617,212 shares of the company were exchanged, compared to its average volume of 632,377. Cricut, Inc. has a 1-year low of $3.73 and a 1-year high of $6.66. The company has a market cap of $1.36 billion, a price-to-earnings ratio of 15.05 and a beta of 0.25. The stock’s 50-day simple moving average is $5.70 and its 200 day simple moving average is $4.78.

Cricut (NASDAQ:CRCT) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.06 by $0.13. Cricut had a net margin of 12.71% and a return on equity of 24.57%. The firm had revenue of $156.28 million during the quarter, compared to the consensus estimate of $159.95 million. On average, research analysts anticipate that Cricut, Inc. will post 0.32 earnings per share for the current year.

Wall Street Analyst Weigh In

CRCT has been the topic of several research analyst reports. Weiss Ratings raised Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Zacks Research upgraded shares of Cricut from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Morgan Stanley reiterated an “underweight” rating and issued a $3.70 target price on shares of Cricut in a report on Wednesday, August 5th. Finally, The Goldman Sachs Group started 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. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $4.07.

Institutional Investors Weigh In On Cricut

Hedge funds and other institutional investors have recently bought and sold shares of the business. AXQ Capital LP acquired a new stake in Cricut in the second quarter valued at $74,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Cricut during the 2nd quarter worth approximately $355,000. Bank of New York Mellon Corp bought a new stake in Cricut in the second quarter valued at $2,409,000. Bank of America Corp DE grew its position in Cricut by 124.4% in the 1st quarter. Bank of America Corp DE now owns 116,790 shares of the company’s stock worth $437,000 after purchasing an additional 64,737 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in Cricut by 265.0% in the 1st 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. 19.60% of the stock is currently owned by hedge funds and other institutional investors.

Cricut Company Profile

Cricut, Inc develops and sells digital crafting technology that enables users to design, make and personalize projects. Its ecosystem includes connected cutting, heat-press, engraving and other crafting machines, along with the company’s Design Space software, which allows users to create projects, prepare designs and operate compatible devices.

The company also offers a broad selection of consumable materials and accessories, including vinyl, iron-on materials, paper, specialty fabrics, cutting tools, replacement components and related crafting supplies.