Why Cricut Stock Crashed Today
Shares of Cricut (NASDAQ: CRCT), a company that provides hardware and software for people making handcrafted goods, crashed on Thursday after the company reported financial results for the third quarter of 2021 that fell short of expectations. As of 3:30 p.m. EST, Cricut stock was down 14%.
In Q3, Cricut generated revenue of $260 million, which was up a respectable 24% year over year. Management hadn't provided guidance; however, analysts had expected a little more on the top line. Because Cricut didn't live up to these expectations, Morgan Stanley analyst Katy Huberty lowered the price target substantially, according The Fly. Previously, Huberty had a price target of $29 per share for Cricut stock. This has now been lowered to $20 per share.
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Source Fool.com
