Cricut (NASDAQ:CRCT) Issues Earnings Results

Cricut (NASDAQ:CRCT) announced its quarterly earnings data on Tuesday. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.05 by $0.05, Zacks reports. The company had revenue of $170.40 million for the quarter, compared to the consensus estimate of $156.93 million. Cricut had a return on equity of 16.49% and a net margin of 10.09%.

Cricut Stock Down 5.3%

Cricut stock traded down $0.27 during midday trading on Wednesday, reaching $4.75. The company’s stock had a trading volume of 715,954 shares, compared to its average volume of 533,687. Cricut has a fifty-two week low of $3.94 and a fifty-two week high of $7.33. The company has a market cap of $1.01 billion, a P/E ratio of 14.29 and a beta of 0.17. The business has a 50-day simple moving average of $5.85 and a 200-day simple moving average of $5.83.

Cricut Announces Dividend

The firm also recently declared a dividend, which will be paid on Tuesday, January 20th. Shareholders of record on Tuesday, January 6th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, January 6th. This represents a yield of 399.0%. Cricut’s dividend payout ratio (DPR) is currently 60.61%.

Insiders Place Their Bets

In other Cricut news, CEO Arora Ashish sold 17,204 shares of the firm’s stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $5.27, for a total transaction of $90,665.08. Following the transaction, the chief executive officer owned 2,668,146 shares of the company’s stock, valued at approximately $14,061,129.42. This trade represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 337,826 shares of company stock valued at $1,972,877 in the last 90 days. 18.02% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cricut

A number of hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership lifted its position in shares of Cricut by 20.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 911,221 shares of the company’s stock valued at $6,169,000 after acquiring an additional 157,448 shares during the period. First Trust Advisors LP lifted its position in shares of Cricut by 1.3% during the 2nd quarter. First Trust Advisors LP now owns 154,368 shares of the company’s stock valued at $1,045,000 after acquiring an additional 1,977 shares during the period. Ameriprise Financial Inc. raised its position in shares of Cricut by 238.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 131,933 shares of the company’s stock worth $893,000 after purchasing an additional 93,002 shares during the last quarter. Jane Street Group LLC raised its position in shares of Cricut by 356.3% during the 2nd quarter. Jane Street Group LLC now owns 92,057 shares of the company’s stock worth $623,000 after purchasing an additional 71,881 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Cricut by 15.8% during the 2nd quarter. Legal & General Group Plc now owns 59,246 shares of the company’s stock worth $401,000 after purchasing an additional 8,095 shares during the last quarter. Institutional investors and hedge funds own 19.60% of the company’s stock.

Analyst Upgrades and Downgrades

CRCT has been the topic of a number of analyst reports. The Goldman Sachs Group downgraded Cricut from a “neutral” rating to a “sell” rating and cut their price target for the company from $5.50 to $4.75 in a report on Thursday, October 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cricut in a report on Wednesday, October 8th. Finally, Wall Street Zen cut Cricut from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. One analyst has rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Cricut presently has an average rating of “Strong Sell” and an average price target of $4.18.

About Cricut

Cricut, Inc engages in the design, marketing, and distribution of a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates through 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.