Cricut (NASDAQ:CRCT) Stock Price Down 0.9% – Here’s Why

Cricut, Inc. (NASDAQ:CRCT)’s share price fell 0.9% during mid-day trading on Tuesday . The company traded as low as $4.47 and last traded at $4.48. Approximately 349,101 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 517,577 shares. The stock had previously closed at $4.52.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group reaffirmed a “sell” rating and set a $3.75 price target on shares of Cricut in a research note on Wednesday, May 6th. Weiss Ratings cut shares of Cricut from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Four research analysts have rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Strong Sell” and an average target price of $3.88.

Cricut Trading Down 0.6%

The firm has a market capitalization of $986.53 million, a price-to-earnings ratio of 13.43 and a beta of 0.18. The firm has a 50 day moving average price of $4.30 and a two-hundred day moving average price of $4.36.

Cricut (NASDAQ:CRCT) last posted its earnings results on Tuesday, May 5th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.05. The firm had revenue of $159.47 million during the quarter, compared to the consensus estimate of $164.33 million. Cricut had a net margin of 10.36% and a return on equity of 21.37%. As a group, research analysts forecast that Cricut, Inc. will post 0.14 earnings per share for the current year.

Cricut Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Tuesday, July 21st. Stockholders of record on Tuesday, July 7th will be given a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, July 7th. This represents a dividend yield of 461.0%. Cricut’s dividend payout ratio is presently 57.14%.

Insider Activity

In other Cricut news, Director Jason Makler bought 9,691 shares of Cricut stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average price of $4.34 per share, for a total transaction of $42,058.94. Following the acquisition, the director owned 29,690 shares of the company’s stock, valued at $128,854.60. The trade was a 48.46% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Arora Ashish sold 60,000 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $3.95, for a total transaction of $237,000.00. Following the sale, the chief executive officer directly owned 4,461,592 shares of the company’s stock, valued at approximately $17,623,288.40. This trade represents a 1.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 93,633 shares of company stock valued at $378,514. Company insiders own 18.61% of the company’s stock.

Institutional Investors Weigh In On Cricut

Several institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC raised its holdings in shares of Cricut by 374.5% during the 4th quarter. Millennium Management LLC now owns 982,343 shares of the company’s stock valued at $4,863,000 after buying an additional 775,330 shares during the period. Algert Global LLC boosted its holdings in Cricut by 354.9% in the 3rd quarter. Algert Global LLC now owns 615,697 shares of the company’s stock worth $3,873,000 after acquiring an additional 480,364 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Cricut by 51.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,379,155 shares of the company’s stock worth $8,675,000 after acquiring an additional 467,934 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Cricut by 76.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 906,141 shares of the company’s stock valued at $5,700,000 after acquiring an additional 392,951 shares in the last quarter. Finally, Tudor Investment Corp ET AL raised its stake in shares of Cricut by 824.0% during the third quarter. Tudor Investment Corp ET AL now owns 358,213 shares of the company’s stock valued at $2,253,000 after purchasing an additional 319,447 shares during the period. Hedge funds and other institutional investors own 19.60% of the company’s stock.

Cricut Company Profile

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.