Bank of New York Mellon Corp Has $2.72 Million Stake in Cricut, Inc. (NASDAQ:CRCT)

Bank of New York Mellon Corp raised its stake in Cricut, Inc. (NASDAQ:CRCT - Free Report) by 175.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 476,540 shares of the company's stock after purchasing an additional 303,236 shares during the period. Bank of New York Mellon Corp owned 0.22% of Cricut worth $2,716,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Olympiad Research LP acquired a new position in Cricut in the 4th quarter valued at about $67,000. Savant Capital LLC boosted its holdings in shares of Cricut by 40.2% during the fourth quarter. Savant Capital LLC now owns 32,570 shares of the company's stock worth $186,000 after acquiring an additional 9,335 shares during the period. Copeland Capital Management LLC acquired a new position in shares of Cricut in the fourth quarter valued at approximately $63,000. R Squared Ltd bought a new position in shares of Cricut during the fourth quarter worth approximately $36,000. Finally, Drive Wealth Management LLC bought a new position in shares of Cricut during the fourth quarter worth approximately $64,000. 19.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley decreased their target price on shares of Cricut from $3.90 to $3.80 and set an "underweight" rating on the stock in a research report on Thursday, March 6th.

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Cricut Stock Performance

Shares of NASDAQ CRCT traded down $0.08 during trading hours on Monday, hitting $5.28. 287,392 shares of the stock were exchanged, compared to its average volume of 499,888. The company's fifty day simple moving average is $5.61 and its two-hundred day simple moving average is $5.88. The company has a market cap of $1.12 billion, a PE ratio of 18.86 and a beta of -0.02. Cricut, Inc. has a 1-year low of $4.55 and a 1-year high of $8.40.

Cricut (NASDAQ:CRCT - Get Free Report) last released its 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. The firm had revenue of $209.31 million for the quarter, compared to analysts' expectations of $214.41 million. Cricut had a return on equity of 12.36% and a net margin of 8.47%. As a group, sell-side analysts expect that Cricut, Inc. will post 0.28 EPS for the current fiscal year.

Insider Buying and Selling at Cricut

In related news, CEO Arora Ashish sold 21,250 shares of the firm's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $5.93, for a total transaction of $126,012.50. Following the sale, the chief executive officer now owns 3,759,590 shares of the company's stock, valued at $22,294,368.70. This trade represents a 0.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold 306,516 shares of company stock worth $1,734,055 over the last quarter. Corporate insiders own 18.02% 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.