Cricut (NASDAQ:CRCT) Price Target Cut to $3.80 by Analysts at Morgan Stanley

Cricut (NASDAQ:CRCT) had its price objective reduced by investment analysts at Morgan Stanley from $3.90 to $3.80 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Morgan Stanley’s target price suggests a potential downside of 32.61% from the stock’s previous close.

Separately, The Goldman Sachs Group dropped their price target on Cricut from $6.50 to $5.75 and set a “neutral” rating on the stock in a report on Wednesday, November 6th.

Cricut Trading Up 3.7 %

NASDAQ CRCT traded up $0.20 on Thursday, hitting $5.64. 332,349 shares of the company were exchanged, compared to its average volume of 307,063. The stock has a fifty day moving average of $5.68 and a 200-day moving average of $5.91. Cricut has a 12 month low of $4.45 and a 12 month high of $8.40. The company has a market cap of $1.21 billion, a PE ratio of 20.20 and a beta of -0.02.

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

Insiders Place Their Bets

In related news, CEO Arora Ashish sold 21,250 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $6.00, for a total transaction of $127,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,844,590 shares in the company, valued at $23,067,540. This represents a 0.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 373,210 shares of company stock valued at $2,168,982 over the last 90 days. Insiders own 18.02% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. R Squared Ltd purchased a new stake in Cricut in the 4th quarter worth approximately $36,000. Copeland Capital Management LLC purchased a new stake in Cricut during the 4th quarter valued at about $63,000. Drive Wealth Management LLC bought a new stake in shares of Cricut during the fourth quarter valued at approximately $64,000. Olympiad Research LP bought a new position in shares of Cricut during the fourth quarter valued at $67,000. Finally, Caisse Des Depots ET Consignations purchased a new position in shares of Cricut during the fourth quarter valued at approximately $72,000. 19.60% of the stock is owned by hedge funds and other institutional investors.

Cricut Company Profile

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.