Cricut (NASDAQ:CRCT) Issues Earnings Results

Cricut (NASDAQ:CRCT) issued its quarterly earnings results on Tuesday. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.13, FiscalAI reports. The business had revenue of $156.29 million for the quarter, compared to the consensus estimate of $159.95 million. Cricut had a net margin of 10.36% and a return on equity of 21.37%.

Cricut Trading Up 2.3%

Shares of NASDAQ:CRCT traded up $0.11 during midday trading on Tuesday, reaching $4.90. 828,428 shares of the company were exchanged, compared to its average volume of 541,867. The business’s fifty day moving average is $4.43 and its two-hundred day moving average is $4.33. Cricut has a one year low of $3.73 and a one year high of $6.93. The stock has a market cap of $1.03 billion, a PE ratio of 14.00 and a beta of 0.19.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CRCT shares. The Goldman Sachs Group restated a “sell” rating and set a $3.75 target price on shares of Cricut in a research note on Wednesday, May 6th. Weiss Ratings raised Cricut from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Strong Sell” and a consensus price target of $3.88.

Insider Buying and Selling at Cricut

In other Cricut news, insider Ryan Harmer sold 17,267 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $4.12, for a total value of $71,140.04. Following the sale, the insider owned 325,579 shares in the company, valued at $1,341,385.48. The trade was a 5.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jason Makler acquired 9,691 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average price of $4.34 per share, with a total value of $42,058.94. Following the transaction, the director owned 29,690 shares of the company’s stock, valued at approximately $128,854.60. This represents a 48.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have sold 93,633 shares of company stock worth $378,514. Insiders own 16.48% of the company’s stock.

Hedge Funds Weigh In On Cricut

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Cricut by 3.6% in the third quarter. Vanguard Group Inc. now owns 4,729,857 shares of the company’s stock worth $29,751,000 after buying an additional 163,602 shares during the period. Geode Capital Management LLC boosted its holdings in Cricut by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 1,417,153 shares of the company’s stock valued at $7,016,000 after acquiring an additional 31,736 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Cricut by 51.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,379,155 shares of the company’s stock valued at $8,675,000 after acquiring an additional 467,934 shares during the last quarter. State Street Corp grew its position in Cricut by 0.9% in the 4th quarter. State Street Corp now owns 1,220,292 shares of the company’s stock valued at $6,040,000 after acquiring an additional 11,170 shares during the last quarter. Finally, Millennium Management LLC increased its stake in Cricut by 374.5% in the fourth quarter. Millennium Management LLC now owns 982,343 shares of the company’s stock worth $4,863,000 after purchasing an additional 775,330 shares during the period. 19.60% of the stock is owned by hedge funds and other institutional investors.

About Cricut

Cricut, Inc (NASDAQ: CRCT) is a U.S.-based technology company specializing in personal and small-business crafting solutions. The company designs and markets a family of cutting machines that leverage computer-aided design to precisely cut a wide range of materials, including paper, vinyl, fabric and leather. Complementing its hardware offerings, Cricut provides proprietary software and mobile applications that enable users to create custom artwork, import graphics and access a vast library of pre-designed projects and fonts through a subscription service.

Founded as a division of Provo Craft & Novelty in 2005, Cricut emerged as an independent public company in March 2021.