Cricut (NASDAQ:CRCT) Reaches New 52-Week Low Following Analyst Downgrade

Cricut, Inc. (NASDAQ:CRCT – Get Rating) reached a new 52-week low during mid-day trading on Tuesday after Zacks Investment Research downgraded the stock from a hold rating to a sell rating. The company traded as low as $8.83 and last traded at $8.83, with a volume of 330710 shares. The stock had previously closed at $9.80.

A number of other analysts have also recently issued reports on CRCT. Citigroup lowered their target price on Cricut from $11.00 to $10.00 in a research note on Wednesday, May 11th. Barclays lowered their target price on Cricut from $20.00 to $7.00 and set an “underweight” rating for the company in a research note on Thursday, March 10th. Morgan Stanley reduced their price target on Cricut to $8.70 and set an “underweight” rating for the company in a research report on Tuesday. Finally, Robert W. Baird downgraded Cricut from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $38.00 to $13.00 in a research report on Wednesday, March 9th. Three research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.95.

In related news, major shareholder Abdiel Capital Management, Llc acquired 123,413 shares of the business’s stock in a transaction dated Friday, May 6th. The stock was bought at an average price of $12.00 per share, with a total value of $1,480,956.00. Following the acquisition, the insider now owns 14,548,434 shares in the company, valued at approximately $174,581,208. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have acquired 1,349,879 shares of company stock valued at $17,000,575.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRCT. Morgan Stanley boosted its holdings in shares of Cricut by 9,201.5% in the 2nd quarter. Morgan Stanley now owns 1,960,469 shares of the company’s stock valued at $83,516,000 after buying an additional 1,939,392 shares during the last quarter. BlackRock Inc. raised its stake in Cricut by 70.9% in the 4th quarter. BlackRock Inc. now owns 545,612 shares of the company’s stock valued at $12,052,000 after acquiring an additional 226,371 shares during the period. Commonwealth Equity Services LLC bought a new stake in Cricut in the 4th quarter valued at $3,625,000. Geode Capital Management LLC raised its stake in Cricut by 65.3% in the 4th quarter. Geode Capital Management LLC now owns 324,922 shares of the company’s stock valued at $7,177,000 after acquiring an additional 128,328 shares during the period. Finally, Luxor Capital Group LP bought a new stake in Cricut in the 3rd quarter valued at $2,534,000. 16.45% of the stock is owned by institutional investors.

The business has a 50 day moving average of $12.15 and a two-hundred day moving average of $18.43. The firm has a market cap of $1.83 billion, a P/E ratio of 16.20 and a beta of 1.04.

Cricut (NASDAQ:CRCT – Get Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported $0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.11. Cricut had a return on equity of 17.31% and a net margin of 9.34%. The business had revenue of $244.78 million for the quarter, compared to analysts’ expectations of $257.22 million. During the same quarter in the prior year, the business earned $0.24 EPS. The firm’s revenue for the quarter was down 24.4% on a year-over-year basis. Equities research analysts expect that Cricut, Inc. will post 0.67 EPS for the current fiscal year.

Cricut Company Profile (NASDAQ:CRCT)

Cricut, Inc designs and markets a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates in 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.

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