Cricut (NASDAQ:CRCT) Shares Gap Down on Insider Selling

Cricut, Inc. (NASDAQ:CRCT)’s share price gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $26.50, but opened at $25.10. Cricut shares last traded at $25.75, with a volume of 813 shares trading hands.

Specifically, CFO Martin F. Petersen sold 20,644 shares of the stock in a transaction on 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 owns 20,644 shares of the company’s stock, valued at approximately $412,880. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Donald B. Olsen sold 2,284 shares of Cricut stock in a transaction on Wednesday, April 28th. The shares were sold at an average price of $20.00, for a total value of $45,680.00. Following the completion of the transaction, the executive vice president now owns 2,284 shares in the company, valued at $45,680. The disclosure for this sale can be found here. In the last 90 days, insiders sold 118,301 shares of company stock valued at $2,366,020.

A number of analysts have recently weighed in on the stock. Robert W. Baird initiated coverage on shares of Cricut in a report on Monday, April 26th. They issued an “outperform” rating and a $26.00 price target on the stock. Citigroup began coverage on shares of Cricut in a research note on Monday, April 19th. They issued a “buy” rating and a $25.00 target price for the company. Morgan Stanley started coverage on Cricut in a research report on Monday, April 26th. They set an “overweight” rating and a $23.00 price target on the stock. The Goldman Sachs Group initiated coverage on Cricut in a research report on Monday, April 26th. They issued a “buy” rating and a $35.00 price objective for the company. Finally, Barclays assumed coverage on Cricut in a research report on Monday, April 26th. They set an “overweight” rating and a $26.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and a consensus target price of $26.67.

An institutional investor recently bought a new position in Cricut stock. Victory Capital Management Inc. purchased a new stake in shares of Cricut, Inc. (NASDAQ:CRCT) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 65,238 shares of the company’s stock, valued at approximately $1,291,000.

Cricut Company Profile (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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