Morgan Stanley Lowers Cricut (NASDAQ:CRCT) Price Target to $3.80

Cricut (NASDAQ:CRCT) had its price objective dropped by analysts at Morgan Stanley from $3.90 to $3.80 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s price objective suggests a potential downside of 31.65% from the company’s current price.

Separately, The Goldman Sachs Group decreased their target price on shares of Cricut from $6.50 to $5.75 and set a “neutral” rating for the company in a research note on Wednesday, November 6th.

Cricut Trading Down 2.1 %

NASDAQ:CRCT opened at $5.56 on Thursday. Cricut has a 1-year low of $4.55 and a 1-year high of $8.40. The firm has a fifty day simple moving average of $5.68 and a 200 day simple moving average of $5.90. The stock has a market capitalization of $1.19 billion, a PE ratio of 19.86 and a beta of -0.02.

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

Insiders Place Their Bets

In other Cricut news, CEO Arora Ashish sold 21,250 shares of Cricut stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $6.00, for a total transaction of $127,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,844,590 shares of the company’s stock, valued at $23,067,540. The trade was a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 373,210 shares of company stock valued at $2,168,982 over the last ninety days. 18.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cricut

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Cricut by 6.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,095 shares of the company’s stock worth $154,000 after purchasing an additional 1,695 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of Cricut by 4.9% in the fourth quarter. Exchange Traded Concepts LLC now owns 49,055 shares of the company’s stock valued at $280,000 after acquiring an additional 2,272 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Cricut by 9.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,468 shares of the company’s stock valued at $186,000 after acquiring an additional 2,684 shares during the period. Dynamic Technology Lab Private Ltd boosted its position in shares of Cricut by 11.0% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 33,846 shares of the company’s stock valued at $193,000 after acquiring an additional 3,365 shares during the period. Finally, Algert Global LLC boosted its position in shares of Cricut by 4.5% in the fourth quarter. Algert Global LLC now owns 97,323 shares of the company’s stock valued at $555,000 after acquiring an additional 4,213 shares during the period. 19.60% of the stock is owned by 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.