Cricut (NASDAQ:CRCT) Price Target Cut to $3.80 by Analysts at Morgan Stanley

Cricut (NASDAQ:CRCT - Free Report) had its target price trimmed by Morgan Stanley from $3.90 to $3.80 in a report released on Thursday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

Separately, The Goldman Sachs Group lowered their price objective on Cricut from $6.50 to $5.75 and set a "neutral" rating on the stock in a research report on Wednesday, November 6th.

Cricut Stock Performance

NASDAQ CRCT traded down $0.14 during trading hours on Thursday, reaching $5.42. The stock had a trading volume of 366,871 shares, compared to its average volume of 318,926. The stock has a fifty day moving average of $5.67 and a 200 day moving average of $5.90. The stock has a market cap of $1.16 billion, a P/E ratio of 19.36 and a beta of -0.02. Cricut has a 52-week low of $4.55 and a 52-week high of $8.40.

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. The firm had revenue of $209.31 million for the quarter, compared to analyst estimates of $214.41 million. Cricut had a return on equity of 12.36% and a net margin of 8.47%. On average, equities research analysts forecast that Cricut will post 0.28 EPS for the current year.

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Insiders Place Their Bets

In other news, CEO Arora Ashish sold 60,000 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $5.94, for a total transaction of $356,400.00. Following the transaction, the chief executive officer now owns 3,451,635 shares in the company, valued at $20,502,711.90. This trade represents a 1.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 313,210 shares of company stock worth $1,816,782. Corporate insiders own 18.02% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio purchased a new position in shares of Cricut during the 4th quarter valued at approximately $89,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Cricut by 28.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 112,035 shares of the company's stock valued at $639,000 after buying an additional 24,507 shares in the last quarter. State of Wyoming lifted its position in shares of Cricut by 138.1% during the 4th quarter. State of Wyoming now owns 87,097 shares of the company's stock valued at $496,000 after buying an additional 50,514 shares in the last quarter. ProShare Advisors LLC purchased a new position in shares of Cricut during the 4th quarter valued at approximately $75,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Cricut by 6.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,095 shares of the company's stock valued at $154,000 after buying an additional 1,695 shares in the last quarter. Hedge funds and other institutional investors own 19.60% 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.