Cricut (NASDAQ:CRCT) Trading 4.6% Higher – Time to Buy?

Cricut, Inc. (NASDAQ:CRCT) shot up 4.6% during mid-day trading on Thursday . The stock traded as high as $5.70 and last traded at $5.69. 369,495 shares were traded during trading, an increase of 20% from the average session volume of 308,195 shares. The stock had previously closed at $5.44.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Morgan Stanley reduced 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. The Goldman Sachs Group cut their price target on shares of Cricut from $6.50 to $5.75 and set a “neutral” rating on the stock in a report on Wednesday, November 6th.

Cricut Stock Up 4.4 %

The firm has a market capitalization of $1.22 billion, a PE ratio of 20.29 and a beta of -0.02. The stock has a 50-day moving average price of $5.68 and a 200 day moving average price of $5.91.

Cricut (NASDAQ:CRCT) last posted its quarterly earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. Cricut had a net margin of 8.47% and a return on equity of 12.36%. The firm had revenue of $209.31 million for the quarter, compared to analyst estimates of $214.41 million. As a group, equities analysts predict that Cricut, Inc. will post 0.28 earnings per share for the current fiscal year.

Insider Activity

In other Cricut news, CEO Arora Ashish sold 21,250 shares of the company’s 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 sale, the chief executive officer now 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 document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have sold 373,210 shares of company stock valued at $2,168,982. 18.02% of the stock is currently owned by company insiders.

Institutional Trading of Cricut

Several institutional investors have recently modified their holdings of the stock. Versor Investments LP acquired a new stake in shares of Cricut during the 3rd quarter valued at approximately $215,000. Quantbot Technologies LP purchased a new stake in Cricut during the 3rd quarter worth $93,000. FMR LLC raised its stake in shares of Cricut by 779.4% in the 3rd quarter. FMR LLC now owns 19,840 shares of the company’s stock valued at $137,000 after purchasing an additional 17,584 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cricut by 6.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 87,528 shares of the company’s stock valued at $607,000 after buying an additional 5,613 shares during the period. Finally, Martingale Asset Management L P boosted its position in Cricut by 258.6% during the 3rd quarter. Martingale Asset Management L P now owns 125,846 shares of the company’s stock valued at $872,000 after purchasing an additional 90,757 shares during the period. Hedge funds and other institutional investors own 19.60% of the company’s stock.

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.