Cricut, Inc. (NASDAQ:CRCT) Short Interest Update

Cricut, Inc. (NASDAQ:CRCT) saw a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 3,800,000 shares, a decline of 9.3% from the March 15th total of 4,190,000 shares. Currently, 9.0% of the shares of the company are short sold. Based on an average daily trading volume, of 897,800 shares, the days-to-cover ratio is currently 4.2 days.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Citigroup cut their price objective on Cricut from $8.50 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, March 6th. The Goldman Sachs Group lowered their price objective on Cricut from $7.00 to $5.75 and set a “neutral” rating for the company in a research note on Wednesday, March 6th. Finally, Barclays cut their price target on Cricut from $6.00 to $4.00 and set an “underweight” rating on the stock in a report on Thursday, March 7th.

Insider Buying and Selling at Cricut

In related news, major shareholder Abdiel Capital Management, Llc sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $4.83, for a total transaction of $4,830,000.00. Following the transaction, the insider now owns 5,273,978 shares of the company’s stock, valued at $25,473,313.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.02% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cricut

Large investors have recently modified their holdings of the stock. BlackRock Inc. boosted its position in shares of Cricut by 426.3% in the 2nd quarter. BlackRock Inc. now owns 3,046,653 shares of the company’s stock worth $37,169,000 after purchasing an additional 2,467,826 shares during the last quarter. State Street Corp raised its stake in shares of Cricut by 441.0% in the 2nd quarter. State Street Corp now owns 869,576 shares of the company’s stock valued at $11,472,000 after purchasing an additional 708,834 shares during the period. Morgan Stanley raised its stake in shares of Cricut by 27.3% in the 4th quarter. Morgan Stanley now owns 2,912,115 shares of the company’s stock valued at $26,995,000 after purchasing an additional 625,151 shares during the period. Geode Capital Management LLC raised its stake in shares of Cricut by 128.4% in the 2nd quarter. Geode Capital Management LLC now owns 908,932 shares of the company’s stock valued at $11,089,000 after purchasing an additional 510,930 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Cricut by 404.2% in the 2nd quarter. Northern Trust Corp now owns 429,602 shares of the company’s stock valued at $5,241,000 after purchasing an additional 344,393 shares during the period. 19.60% of the stock is currently owned by institutional investors.

Cricut Stock Performance

Shares of CRCT stock traded up $0.02 on Wednesday, reaching $5.01. 151,069 shares of the company’s stock traded hands, compared to its average volume of 873,808. Cricut has a 12-month low of $4.43 and a 12-month high of $17.89. The company has a market capitalization of $1.09 billion, a P/E ratio of 20.79 and a beta of 0.11. The business’s 50 day moving average price is $4.97 and its two-hundred day moving average price is $6.38.

Cricut (NASDAQ:CRCT) last announced its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). Cricut had a return on equity of 9.59% and a net margin of 7.01%. The company had revenue of $231.25 million during the quarter, compared to analyst estimates of $252.67 million. During the same period in the prior year, the firm earned $0.05 EPS. Cricut’s quarterly revenue was down 17.6% on a year-over-year basis. Research analysts predict that Cricut will post 0.25 earnings per share for the current year.

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.