Citigroup Reiterates “Sell” Rating for Cricut (NASDAQ:CRCT)

Cricut (NASDAQ:CRCT)‘s stock had its “sell” rating reissued by equities research analysts at Citigroup in a research note issued to investors on Monday, MarketBeat.com reports. They currently have a $4.00 price target on the stock, down from their previous price target of $6.00. Citigroup’s price target indicates a potential downside of 16.67% from the company’s previous close.

Separately, Morgan Stanley dropped their price target on shares of Cricut from $3.90 to $3.80 and set an “underweight” rating for the company in a research note on Thursday, March 6th.

Cricut Price Performance

CRCT opened at $4.80 on Monday. The firm’s 50 day moving average is $5.36 and its 200-day moving average is $5.72. The firm has a market capitalization of $1.02 billion, a P/E ratio of 17.14 and a beta of -0.02. Cricut has a 52-week low of $4.53 and a 52-week high of $8.40.

Cricut (NASDAQ:CRCT) last announced its earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.02. Cricut had a return on equity of 12.36% and a net margin of 8.47%. The company had revenue of $209.31 million during the quarter, compared to the consensus estimate of $214.41 million. Equities analysts expect that Cricut will post 0.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Arora Ashish sold 21,250 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $5.75, for a total transaction of $122,187.50. Following the sale, the chief executive officer now directly owns 3,695,840 shares in the company, valued at approximately $21,251,080. This represents a 0.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 270,009 shares of company stock valued at $1,519,869. Company insiders own 18.02% of the company’s stock.

Institutional Investors Weigh In On Cricut

A number of hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its stake in Cricut by 779.4% during the 3rd quarter. FMR LLC now owns 19,840 shares of the company’s stock valued at $137,000 after purchasing an additional 17,584 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Cricut by 6.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 87,528 shares of the company’s stock valued at $607,000 after purchasing an additional 5,613 shares in the last quarter. State Street Corp lifted its position in Cricut by 3.2% in the third quarter. State Street Corp now owns 1,019,025 shares of the company’s stock worth $7,062,000 after purchasing an additional 31,584 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Cricut in the third quarter worth about $168,000. Finally, Barclays PLC boosted its holdings in Cricut by 366.6% during the third quarter. Barclays PLC now owns 76,440 shares of the company’s stock worth $529,000 after buying an additional 60,058 shares in the last quarter. 19.60% of the stock is currently owned by institutional investors.

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.