Cricut (NASDAQ:CRCT) Issues Quarterly Earnings Results

Cricut (NASDAQ:CRCT) issued its earnings results on Tuesday. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates 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 Stock Up 2.3%

CRCT stock traded up $0.11 during trading on Tuesday, hitting $4.90. 828,428 shares of the company’s stock traded hands, compared to its average volume of 541,867. The firm has a market capitalization of $1.03 billion, a P/E ratio of 14.00 and a beta of 0.19. The business has a fifty day simple moving average of $4.43 and a two-hundred day simple moving average of $4.33. Cricut has a 1 year low of $3.73 and a 1 year high of $6.93.

Insiders Place Their Bets

In related news, insider Ryan Harmer sold 17,267 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $4.12, for a total transaction of $71,140.04. Following the sale, the insider owned 325,579 shares of the company’s stock, valued at $1,341,385.48. This trade represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jason Makler bought 9,691 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was bought at an average price of $4.34 per share, for a total transaction of $42,058.94. Following the purchase, the director directly owned 29,690 shares of the company’s stock, valued at $128,854.60. The trade was a 48.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 93,633 shares of company stock worth $378,514 over the last 90 days. Company insiders own 16.48% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. raised its stake in shares of Cricut by 255.9% during the 2nd quarter. Osaic Holdings Inc. now owns 3,644 shares of the company’s stock worth $25,000 after acquiring an additional 2,620 shares in the last quarter. Guggenheim Capital LLC purchased a new position in Cricut in the fourth quarter worth $55,000. Brevan Howard Capital Management LP acquired a new position in shares of Cricut during the third quarter worth $75,000. Envestnet Asset Management Inc. acquired a new stake in Cricut in the third quarter worth about $78,000. Finally, Orion Porfolio Solutions LLC purchased a new stake in shares of Cricut during the fourth quarter worth about $63,000. Hedge funds and other institutional investors own 19.60% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.