The Goldman Sachs Group Issues Pessimistic Forecast for Cricut (NASDAQ:CRCT) Stock Price

Cricut (NASDAQ:CRCT) had its target price reduced by research analysts at The Goldman Sachs Group from $6.50 to $5.75 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential downside of 0.86% from the company’s previous close.

Cricut Price Performance

NASDAQ:CRCT opened at $5.80 on Wednesday. The business’s 50-day moving average is $6.36 and its two-hundred day moving average is $6.20. The firm has a market capitalization of $1.25 billion, a PE ratio of 18.71 and a beta of 0.13. Cricut has a 12 month low of $4.43 and a 12 month high of $8.40.

Cricut (NASDAQ:CRCT) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.05 EPS 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 for the quarter, compared to analyst estimates of $165.35 million. During the same period last year, the firm posted $0.08 earnings per share. Equities analysts anticipate that Cricut will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Arora Ashish sold 57,493 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $5.86, for a total transaction of $336,908.98. Following the completion of the sale, the chief executive officer now directly owns 2,539,450 shares in the company, valued at $14,881,177. This trade represents a 0.00 % 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. In other news, EVP Donald B. Olsen sold 40,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $5.74, for a total transaction of $229,600.00. Following the completion of the transaction, the executive vice president now directly owns 655,833 shares in the company, valued at approximately $3,764,481.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Arora Ashish sold 57,493 shares of Cricut stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $5.86, for a total transaction of $336,908.98. Following the completion of the sale, the chief executive officer now owns 2,539,450 shares of the company’s stock, valued at approximately $14,881,177. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 189,289 shares of company stock worth $1,103,782 in the last quarter. 18.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Cricut by 10.9% in the 1st quarter. Vanguard Group Inc. now owns 3,658,790 shares of the company’s stock valued at $17,416,000 after acquiring an additional 360,080 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Cricut in the first quarter worth $758,000. American Century Companies Inc. increased its stake in Cricut by 42.7% during the second quarter. American Century Companies Inc. now owns 453,014 shares of the company’s stock valued at $2,714,000 after purchasing an additional 135,539 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Cricut during the second quarter worth $558,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Cricut by 217.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 92,139 shares of the company’s stock worth $552,000 after buying an additional 63,116 shares during the last quarter. 19.60% of the stock is owned by institutional investors and hedge funds.

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.