Citigroup Reiterates Sell Rating for Cricut (NASDAQ:CRCT)

Cricut (NASDAQ:CRCT)‘s stock had its “sell” rating restated by equities research analysts at Citigroup in a note issued to investors on Monday, MarketBeat.com reports. They currently have a $4.00 target price on the stock, down from their prior target price of $6.00. Citigroup’s target price points to a potential downside of 16.67% from the stock’s current price.

Separately, Morgan Stanley reduced their price objective on shares of Cricut from $3.90 to $3.80 and set an “underweight” rating on the stock in a report on Thursday, March 6th.

Cricut Stock Performance

Cricut stock opened at $4.80 on Monday. The firm has a market capitalization of $1.02 billion, a P/E ratio of 17.14 and a beta of -0.02. Cricut has a twelve month low of $4.53 and a twelve month high of $8.40. The stock’s fifty day simple moving average is $5.36 and its 200-day simple moving average is $5.72.

Cricut (NASDAQ:CRCT) last posted its quarterly earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share (EPS) for the quarter, beating 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 company had revenue of $209.31 million for the quarter, compared to analyst estimates of $214.41 million. Sell-side analysts predict that Cricut will post 0.28 earnings per share for the current year.

Insider Activity at Cricut

In related news, CEO Arora Ashish sold 21,250 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $5.75, for a total value of $122,187.50. Following the completion of the sale, the chief executive officer now directly owns 3,695,840 shares of the company’s stock, valued at $21,251,080. The trade was a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 270,009 shares of company stock valued at $1,519,869 over the last three months. 18.02% of the stock is owned by corporate insiders.

Institutional Trading of Cricut

Institutional investors and hedge funds have recently made changes to their positions in the company. American Century Companies Inc. increased its position in Cricut by 25.8% in the 4th quarter. American Century Companies Inc. now owns 1,190,019 shares of the company’s stock valued at $6,783,000 after acquiring an additional 244,058 shares during the period. Geode Capital Management LLC increased its holdings in Cricut by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 1,095,510 shares of the company’s stock valued at $6,246,000 after buying an additional 14,191 shares in the last quarter. State Street Corp raised its holdings in 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 last quarter. Renaissance Technologies LLC boosted its position in shares of Cricut by 9.9% in the 4th quarter. Renaissance Technologies LLC now owns 608,543 shares of the company’s stock worth $3,469,000 after buying an additional 55,011 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Cricut by 175.0% during the 4th quarter. Bank of New York Mellon Corp now owns 476,540 shares of the company’s stock worth $2,716,000 after purchasing an additional 303,236 shares in the last quarter. 19.60% of the stock is owned by hedge funds and other institutional investors.

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.