Cricut (NASDAQ:CRCT) Trading 4.6% Higher - Should You Buy?

Shares of Cricut, Inc. (NASDAQ:CRCT - Get Free Report) rose 4.6% during mid-day trading on Thursday . The company traded as high as $5.70 and last traded at $5.69. Approximately 369,495 shares changed hands during trading, an increase of 20% from the average daily volume of 308,195 shares. The stock had previously closed at $5.44.

Wall Street Analyst Weigh In

Separately, Morgan Stanley reduced their price target on shares of Cricut from $3.90 to $3.80 and set an "underweight" rating for the company in a report on Thursday.

Cricut Price Performance

The firm has a 50 day moving average of $5.67 and a 200-day moving average of $5.91. The stock has a market capitalization of $1.17 billion, a P/E ratio of 19.53 and a beta of -0.02.

Cricut (NASDAQ:CRCT - Get Free Report) last issued its earnings results on Tuesday, March 4th. The company reported $0.06 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 business had revenue of $209.31 million during the quarter, compared to analyst estimates of $214.41 million. As a group, equities analysts expect that Cricut, Inc. will post 0.28 earnings per share for the current year.

Insider Transactions at Cricut

In related news, CEO Arora Ashish sold 21,250 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $6.31, for a total transaction of $134,087.50. Following the completion of the transaction, the chief executive officer now owns 3,823,340 shares in the company, valued at $24,125,275.40. This trade represents a 0.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 313,210 shares of company stock valued at $1,816,782. Company insiders own 18.02% of the company's stock.

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Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CRCT. Tenzing Global Management LLC grew its holdings in shares of Cricut by 4.9% in the 3rd 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. grew its stake in 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 buying an additional 244,058 shares during the last quarter. Geode Capital Management LLC increased 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 buying an additional 14,191 shares in the last quarter. State Street Corp raised its stake in shares of Cricut by 3.2% in the third quarter. State Street Corp now owns 1,019,025 shares of the company's stock valued at $7,062,000 after acquiring an additional 31,584 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Cricut by 9.9% in the fourth quarter. Renaissance Technologies LLC now owns 608,543 shares of the company's stock valued at $3,469,000 after acquiring an additional 55,011 shares during the last quarter. 19.60% of the stock is currently 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.