The Goldman Sachs Group Has Lowered Expectations for Cricut (NASDAQ:CRCT) Stock Price

Cricut (NASDAQ:CRCT) had its price target decreased by analysts at The Goldman Sachs Group from $6.50 to $5.75 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential downside of 0.17% from the company’s previous close.

Cricut Price Performance

CRCT stock traded down $0.81 during midday trading on Wednesday, reaching $5.76. 447,758 shares of the company’s stock traded hands, compared to its average volume of 697,130. The company has a market capitalization of $1.25 billion, a P/E ratio of 18.39 and a beta of 0.13. Cricut has a fifty-two week low of $4.43 and a fifty-two week high of $8.66. The business has a 50-day moving average price of $6.36 and a two-hundred day moving average price of $6.21.

Cricut (NASDAQ:CRCT) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.02). Cricut had a return on equity of 13.18% and a net margin of 9.16%. The company had revenue of $167.89 million during the quarter, compared to analyst estimates of $165.35 million. During the same period in the previous year, the company earned $0.08 EPS. As a group, research analysts forecast that Cricut will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Arora Ashish sold 77,823 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $6.37, for a total value of $495,732.51. Following the completion of the sale, the chief executive officer now owns 2,690,544 shares of the company’s stock, valued at approximately $17,138,765.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Donald B. Olsen sold 40,000 shares of Cricut stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $5.74, for a total transaction of $229,600.00. Following the sale, the executive vice president now directly owns 655,833 shares of the company’s stock, valued at approximately $3,764,481.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Arora Ashish sold 77,823 shares of Cricut stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $6.37, for a total value of $495,732.51. Following the sale, the chief executive officer now directly owns 2,690,544 shares in the company, valued at $17,138,765.28. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 267,112 shares of company stock worth $1,599,515 in the last 90 days. Corporate insiders own 18.02% of the company’s stock.

Institutional Investors Weigh In On Cricut

Several hedge funds and other institutional investors have recently modified their holdings of the company. Versor Investments LP purchased a new position in Cricut in the third quarter worth $215,000. Net Worth Advisory Group bought a new position in Cricut in the 3rd quarter worth about $286,000. Bleakley Financial Group LLC increased its stake in Cricut by 32.4% in the 3rd quarter. Bleakley Financial Group LLC now owns 42,328 shares of the company’s stock worth $293,000 after acquiring an additional 10,348 shares during the last quarter. Burns Matteson Capital Management LLC bought a new position in Cricut in the 3rd quarter worth about $70,000. Finally, CWM LLC increased its stake in Cricut by 23.9% in the 3rd quarter. CWM LLC now owns 12,026 shares of the company’s stock worth $83,000 after acquiring an additional 2,322 shares during the last quarter. Institutional investors own 19.60% of the company’s stock.

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.