Cricut, Inc. (NASDAQ:CRCT) gapped down prior to trading on Friday . The stock had previously closed at $34.68, but opened at $33.63. Cricut shares last traded at $32.88, with a volume of 1,699 shares traded.
A number of research firms recently issued reports on CRCT. Morgan Stanley cut Cricut from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $30.00 to $40.00 in a research report on Thursday. Citigroup began coverage on Cricut in a research note on Monday, April 19th. They issued a “buy” rating and a $25.00 price target for the company. Barclays increased their price target on shares of Cricut from $26.00 to $28.00 and gave the stock an “overweight” rating in a research note on Friday, May 14th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell initiated coverage on shares of Cricut in a report on Monday, April 19th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, The Goldman Sachs Group initiated coverage on Cricut in a report on Monday, April 19th. They set a “buy” rating and a $35.00 target price on the stock. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $29.83.
The business’s fifty day moving average is $26.19.
In related news, CEO Arora Ashish sold 95,373 shares of Cricut stock in a transaction dated Wednesday, April 28th. The shares were sold at an average price of $20.00, for a total transaction of $1,907,460.00. Following the completion of the transaction, the chief executive officer now directly owns 95,373 shares of the company’s stock, valued at approximately $1,907,460. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Martin F. Petersen sold 20,644 shares of the company’s stock in a transaction dated Wednesday, April 28th. The stock was sold at an average price of $20.00, for a total transaction of $412,880.00. Following the sale, the chief financial officer now directly owns 20,644 shares in the company, valued at $412,880. The disclosure for this sale can be found here. Over the last three months, insiders sold 118,301 shares of company stock valued at $2,366,020.
A number of hedge funds have recently added to or reduced their stakes in CRCT. UBS Group AG bought a new position in Cricut in the 1st quarter valued at $30,000. JPMorgan Chase & Co. bought a new position in shares of Cricut in the first quarter valued at about $198,000. Alliancebernstein L.P. bought a new position in shares of Cricut in the first quarter valued at about $346,000. Morgan Stanley acquired a new position in Cricut during the 1st quarter worth about $417,000. Finally, Laurion Capital Management LP bought a new stake in Cricut during the 1st quarter worth about $495,000. 5.32% of the stock is owned by hedge funds and other institutional investors.
About Cricut (NASDAQ:CRCT)
Cricut, Inc designs and markets a creativity platform that enables users to turn ideas into professional-looking handmade goods in the United States, Europe, and internationally. It operates through three segments: Connected Machines, Subscriptions, and Accessories and Materials. The company provides connected machines, design apps, and accessories and materials for users to create personalized birthday cards, mugs, T-shirts, and large-scale interior decorations under the Cricut brand.
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