Shares of Cricut, Inc. (NASDAQ:CRCT – Get Rating) dropped 8.3% on Friday after Barclays lowered their price target on the stock from $7.00 to $6.00. The company traded as low as $7.85 and last traded at $7.85. Approximately 156,051 shares were traded during trading, an increase of 92% from the average daily volume of 81,078 shares. The stock had previously closed at $8.56.
Separately, Citigroup boosted their price objective on Cricut from $8.68 to $9.50 and gave the company a “neutral” rating in a research note on Wednesday, March 8th.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Swiss National Bank raised its stake in shares of Cricut by 27.0% in the first quarter. Swiss National Bank now owns 34,300 shares of the company’s stock worth $449,000 after purchasing an additional 7,300 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Cricut by 27,504.0% in the first quarter. JPMorgan Chase & Co. now owns 20,703 shares of the company’s stock worth $271,000 after acquiring an additional 20,628 shares during the period. Bank of New York Mellon Corp boosted its stake in Cricut by 15.4% during the first quarter. Bank of New York Mellon Corp now owns 84,178 shares of the company’s stock valued at $1,102,000 after buying an additional 11,248 shares during the period. State Street Corp boosted its stake in Cricut by 38.6% during the first quarter. State Street Corp now owns 129,497 shares of the company’s stock valued at $1,695,000 after buying an additional 36,060 shares during the period. Finally, Goldman Sachs Group Inc. bought a new stake in Cricut during the first quarter valued at $205,000. 9.76% of the stock is owned by institutional investors and hedge funds.
Cricut Stock Down 7.4 %
The stock has a 50-day simple moving average of $9.60 and a two-hundred day simple moving average of $9.43. The firm has a market cap of $1.74 billion and a PE ratio of 37.90.
Cricut (NASDAQ:CRCT – Get Rating) last posted its earnings results on Tuesday, March 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.02). The business had revenue of $280.76 million during the quarter, compared to the consensus estimate of $261.00 million. Cricut had a return on equity of 8.51% and a net margin of 6.84%. The firm’s revenue for the quarter was down 27.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 earnings per share. Research analysts expect that Cricut, Inc. will post 0.3 earnings per share for the current year.
About Cricut
Cricut, Inc designs and markets a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates in 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.