Cricut, Inc. (NASDAQ:CRCT – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $6.67 and last traded at $6.69, with a volume of 610424 shares traded. The stock had previously closed at $7.02.Specifically, major shareholder Abdiel Capital Management, Llc sold 1,300,000 shares of the stock in a transaction on Friday, October 6th. The shares were sold at an average price of $8.70, for a total value of $11,310,000.00. Following the transaction, the insider now owns 13,586,303 shares of the company’s stock, valued at approximately $118,200,836.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Cricut news, major shareholder Abdiel Capital Management, Llc sold 1,300,000 shares of Cricut stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $8.70, for a total transaction of $11,310,000.00. Following the completion of the sale, the insider now owns 13,586,303 shares of the company’s stock, valued at $118,200,836.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ryan Harmer sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $8.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now owns 231,126 shares of the company’s stock, valued at $1,849,008. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,025,000 shares of company stock worth $30,075,400. 18.46% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CRCT shares. Morgan Stanley cut their target price on shares of Cricut from $5.00 to $4.60 and set an “underweight” rating on the stock in a report on Wednesday, November 8th. The Goldman Sachs Group started coverage on shares of Cricut in a report on Wednesday, December 13th. They issued a “neutral” rating and a $7.00 price target on the stock. Finally, Citigroup initiated coverage on shares of Cricut in a report on Monday, August 28th. They set a “neutral” rating and a $10.50 target price for the company.

Check Out Our Latest Stock Analysis on Cricut

Cricut Trading Down 4.7 %

The stock’s 50 day moving average is $7.64 and its 200-day moving average is $10.04. The company has a market cap of $1.47 billion, a P/E ratio of 29.25 and a beta of 0.18.

Cricut (NASDAQ:CRCT – Get Free Report) last issued its earnings results on Tuesday, November 7th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $174.91 million for the quarter, compared to analysts’ expectations of $191.00 million. Cricut had a net margin of 6.54% and a return on equity of 8.96%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.06 earnings per share. As a group, sell-side analysts forecast that Cricut, Inc. will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Cricut

Several hedge funds and other institutional investors have recently modified their holdings of the company. Metropolitan Life Insurance Co NY purchased a new stake in Cricut during the second quarter valued at approximately $32,000. Royal Bank of Canada increased its stake in shares of Cricut by 154.0% in the 2nd quarter. Royal Bank of Canada now owns 3,183 shares of the company’s stock worth $39,000 after purchasing an additional 1,930 shares in the last quarter. UBS Group AG raised its holdings in Cricut by 203.0% in the 3rd quarter. UBS Group AG now owns 3,436 shares of the company’s stock worth $32,000 after purchasing an additional 2,302 shares during the period. Ameritas Investment Partners Inc. purchased a new position in Cricut during the second quarter valued at $48,000. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Cricut in the third quarter worth about $46,000. 19.60% of the stock is owned by institutional investors.

Cricut Company Profile (Get Free Report)

Cricut, Inc engages in the design and marketing of 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.

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Original: MarketBeat News Feed: Cricut (NASDAQ:CRCT) Reaches New 52-Week Low Following Insider Selling