Cricut (NASDAQ:CRCT) Price Target Lowered to $5.75 at The Goldman Sachs Group

Cricut (NASDAQ:CRCT) had its price objective dropped by research analysts at The Goldman Sachs Group from $6.50 to $5.75 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential downside of 0.86% from the stock’s previous close.

Cricut Price Performance

Shares of NASDAQ CRCT opened at $5.80 on Wednesday. Cricut has a 1-year low of $4.43 and a 1-year high of $8.40. The firm has a market capitalization of $1.25 billion, a PE ratio of 18.71 and a beta of 0.13. The business’s fifty day moving average price is $6.36 and its two-hundred day moving average price is $6.20.

Cricut (NASDAQ:CRCT) last posted its earnings results on Tuesday, November 5th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). Cricut had a net margin of 9.16% and a return on equity of 13.18%. The firm had revenue of $167.89 million for the quarter, compared to analyst estimates of $165.35 million. During the same period in the previous year, the firm earned $0.08 earnings per share. Equities research analysts expect that Cricut will post 0.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Arora Ashish sold 53,301 shares of Cricut stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $5.79, for a total transaction of $308,612.79. Following the sale, the chief executive officer now directly owns 2,637,243 shares in the company, valued at $15,269,636.97. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cricut news, CEO Arora Ashish sold 53,301 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $5.79, for a total transaction of $308,612.79. Following the transaction, the chief executive officer now owns 2,637,243 shares of the company’s stock, valued at approximately $15,269,636.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Donald B. Olsen sold 40,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $5.74, for a total transaction of $229,600.00. Following the sale, the executive vice president now owns 655,833 shares in the company, valued at $3,764,481.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 189,289 shares of company stock worth $1,103,782. 18.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cricut

Hedge funds have recently modified their holdings of the company. Arizona State Retirement System lifted its holdings in shares of Cricut by 20.8% in the second quarter. Arizona State Retirement System now owns 12,199 shares of the company’s stock valued at $73,000 after buying an additional 2,103 shares during the period. CWM LLC lifted its holdings in Cricut by 23.9% in the 3rd quarter. CWM LLC now owns 12,026 shares of the company’s stock valued at $83,000 after acquiring an additional 2,322 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Cricut by 9.8% in the 2nd quarter. Principal Financial Group Inc. now owns 33,899 shares of the company’s stock valued at $203,000 after acquiring an additional 3,034 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Cricut by 5.8% in the 2nd quarter. Rhumbline Advisers now owns 62,092 shares of the company’s stock worth $372,000 after purchasing an additional 3,397 shares during the last quarter. Finally, Swiss National Bank raised its holdings in shares of Cricut by 6.8% in the 1st quarter. Swiss National Bank now owns 72,500 shares of the company’s stock worth $345,000 after purchasing an additional 4,600 shares in the last quarter. 19.60% of the stock is currently owned by institutional investors and hedge funds.

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.