Cricut, Inc (CRCT) stock prices are up a very promising 14.30% as of market open on April 19th, 2021, hitting USD$22.86 per share.
What does CRCT do?
With a dedicated user base of more than 4 million users around the world, CRCT is dedicated to facilitating DIY projects through its creative technology platform. The company aims to translate its consumers creative potential into innovative and personalized handmade projects that look professionally crafted. Among its cutting-edge product lineup is its flagship line of smart cutting machines which sets the company apart from and ahead of many of its competitors.
Initial Public Offering
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CRCT announced on March 24th, 2021 that it would be conducting its initial public offering after gaining Nasdaq compliance to be listed as a public stock. Of the 15,314,903 shares of its Class A common stock, 13.25 million are offered by CRCT while 2,064,903 shares are offered by existing shareholders. The price of each share as per the public offering is set at USD$20 per share. Underwriters also have a 30-day option to buy an additional 2,297,235 shares of its Class A common stock for the same price in the case of over-allotments. The shares began trading on March 25th, 2021 on the Nasdaq Global Select Market, with a closing date of March 29th, 2021.
CRCT Favored by Analysts
Many analysts are eyeing CRCT with an appreciative eye, citing how differentiated their creative platform is and how accomplished the management team is. Share prices are also lower than that of other peer consumer-connected platforms, which many think will be key in driving profitability. CRCT seems poised to benefit from the growth of the traditional crafting market, especially with the support of its highly engaged consumer base.
The Future for CRCT
With so many people home bound because of the pandemic and government mandates, there is a lot of room for growth for CRCT. Notably, they have not yet penetrated the international market, which is a metaphorical goldmine for the company. With their Q1 2021 financial reports expected on May 13th, many potential investors will be keeping an eye on CRCT stock in the hopes of getting in on the lucrative future that could be in store.