Cricut (NASDAQ:CRCT) Sees Unusually-High Trading Volume Following Earnings Beat

Shares of Cricut, Inc. (NASDAQ:CRCT) saw strong trading volume on Wednesday following a better than expected earnings announcement. 597,368 shares changed hands during trading, an increase of 11% from the previous session’s volume of 538,553 shares.The stock last traded at $5.73 and had previously closed at $4.94.

The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.06 by $0.13. The business had revenue of $156.28 million for the quarter, compared to the consensus estimate of $159.95 million. Cricut had a return on equity of 21.37% and a net margin of 10.36%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $3.75 target price on shares of Cricut in a research note on Wednesday, May 6th. Morgan Stanley reissued an “underweight” rating on shares of Cricut in a report on Wednesday. Finally, Weiss Ratings upgraded shares of Cricut from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, Cricut has an average rating of “Strong Sell” and an average price target of $3.88.

Insider Buying and Selling

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

Hedge Funds Weigh In On Cricut

A number of hedge funds and other institutional investors have recently bought and sold shares of CRCT. Vanguard Group Inc. grew its holdings in Cricut by 3.6% during the 3rd quarter. Vanguard Group Inc. now owns 4,729,857 shares of the company’s stock worth $29,751,000 after acquiring an additional 163,602 shares during the period. Geode Capital Management LLC boosted its position in shares of Cricut by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 1,417,153 shares of the company’s stock worth $7,016,000 after purchasing an additional 31,736 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of 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 purchasing an additional 467,934 shares during the last quarter. State Street Corp grew its stake in shares of Cricut by 0.9% during the fourth quarter. State Street Corp now owns 1,220,292 shares of the company’s stock worth $6,040,000 after purchasing an additional 11,170 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Cricut by 30.4% during the first quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company’s stock worth $3,687,000 after purchasing an additional 229,663 shares during the period. 19.60% of the stock is owned by institutional investors.

Cricut Stock Up 21.1%

The business has a fifty day moving average of $4.45 and a 200 day moving average of $4.33. The firm has a market cap of $1.26 billion, a P/E ratio of 17.09 and a beta of 0.19.

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.