Cricut (NASDAQ:CRCT) Stock Price Down 7.4% – Here’s What Happened

Cricut, Inc. (NASDAQ:CRCT)’s stock price was down 7.4% on Monday . The company traded as low as $5.53 and last traded at $5.55. Approximately 77,862 shares traded hands during trading, a decline of 70% from the average daily volume of 258,622 shares. The stock had previously closed at $5.99.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group cut their target price on shares of Cricut from $6.50 to $5.75 and set a “neutral” rating on the stock in a report on Wednesday, November 6th.

Cricut Trading Down 6.8 %

The company has a market cap of $1.20 billion, a PE ratio of 19.91 and a beta of -0.02. The business has a fifty day moving average of $5.77 and a 200-day moving average of $5.94.

Insider Buying and Selling

In related news, CEO Arora Ashish sold 21,250 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $6.00, for a total value of $127,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,844,590 shares of the company’s stock, valued at $23,067,540. This represents a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 253,210 shares of company stock valued at $1,477,182 over the last quarter. 18.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. R Squared Ltd purchased a new position in Cricut during the 4th quarter valued at about $36,000. Copeland Capital Management LLC bought a new position in Cricut during the fourth quarter valued at approximately $63,000. Drive Wealth Management LLC purchased a new position in shares of Cricut in the 4th quarter worth $64,000. Olympiad Research LP purchased a new position in Cricut in the fourth quarter worth about $67,000. Finally, CWM LLC grew its position in Cricut by 23.9% during the third quarter. CWM LLC now owns 12,026 shares of the company’s stock valued at $83,000 after buying an additional 2,322 shares during the period. 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.