Morgan Stanley Has Lowered Expectations for Cricut (NASDAQ:CRCT) Stock Price

Cricut (NASDAQ:CRCT) had its price target lowered by Morgan Stanley from $3.90 to $3.80 in a research note released on Thursday,Benzinga reports. The firm currently has an underweight rating on the stock.

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 research report on Wednesday, November 6th.

Cricut Stock Performance

NASDAQ:CRCT opened at $5.56 on Thursday. The stock’s fifty day moving average is $5.67 and its 200 day moving average is $5.91. Cricut has a fifty-two week low of $4.55 and a fifty-two week high of $8.40. The firm 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, topping analysts’ consensus estimates of $0.04 by $0.02. Cricut had a return on equity of 12.36% and a net margin of 8.47%. The business had revenue of $209.31 million for the quarter, compared to analyst estimates of $214.41 million. Equities analysts forecast that Cricut will post 0.28 EPS for the current year.

Insider Activity at Cricut

In other Cricut news, CEO Arora Ashish sold 21,250 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $6.00, for a total value of $127,500.00. Following the completion of the sale, the chief executive officer now owns 3,844,590 shares of the company’s stock, valued at approximately $23,067,540. This trade represents a 0.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 373,210 shares of company stock valued at $2,168,982 over the last quarter. 18.02% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cricut

Several institutional investors have recently added to or reduced their stakes in CRCT. Tenzing Global Management LLC raised its stake in shares of Cricut by 4.9% in the third quarter. Tenzing Global Management LLC now owns 2,150,000 shares of the company’s stock worth $14,900,000 after purchasing an additional 100,000 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Cricut by 25.8% during the fourth quarter. American Century Companies Inc. now owns 1,190,019 shares of the company’s stock worth $6,783,000 after purchasing an additional 244,058 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Cricut by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 1,095,510 shares of the company’s stock worth $6,246,000 after purchasing an additional 14,191 shares during the period. State Street Corp lifted its holdings in shares of Cricut by 3.2% during the third quarter. State Street Corp now owns 1,019,025 shares of the company’s stock worth $7,062,000 after purchasing an additional 31,584 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of Cricut by 9.9% during the fourth quarter. Renaissance Technologies LLC now owns 608,543 shares of the company’s stock worth $3,469,000 after purchasing an additional 55,011 shares during the period. Institutional investors and hedge funds 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.