Cricut (NASDAQ:CRCT) Issues Earnings Results

Cricut (NASDAQ:CRCT) released its earnings results on Tuesday. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.05 by $0.08, FiscalAI reports. Cricut had a return on equity of 24.57% and a net margin of 12.71%. The business had revenue of $188.62 million for the quarter, compared to the consensus estimate of $172.02 million.

Cricut Stock Performance

Shares of CRCT stock traded down $0.07 during mid-day trading on Tuesday, hitting $5.97. The company’s stock had a trading volume of 659,911 shares, compared to its average volume of 610,185. Cricut has a 52-week low of $3.73 and a 52-week high of $6.82. The business has a 50-day moving average price of $6.06 and a 200 day moving average price of $4.86. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 13.88 and a beta of 0.25.

Analyst Upgrades and Downgrades

CRCT has been the topic of a number of recent research reports. Zacks Research cut Cricut from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. Weiss Ratings upgraded shares of Cricut from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Morgan Stanley reiterated an “underweight” rating and issued a $3.70 price target on shares of Cricut in a research note on Wednesday, August 5th. Finally, The Goldman Sachs Group initiated coverage on shares of Cricut in a research report on Wednesday, August 19th. They set a “sell” rating and a $4.50 price objective on the stock. Two analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Cricut presently has a consensus rating of “Strong Sell” and a consensus price target of $4.07.

Insider Buying and Selling at Cricut

In other Cricut news, CEO Ashish Arora sold 60,000 shares of the business’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $6.26, for a total value of $375,600.00. Following the completion of the transaction, the chief executive officer owned 4,908,740 shares of the company’s stock, valued at approximately $30,728,712.40. The trade was a 1.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ryan Harmer sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $5.70, for a total transaction of $57,000.00. Following the transaction, the insider owned 314,428 shares in the company, valued at $1,792,239.60. This represents a 3.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 670,000 shares of company stock worth $3,972,600 over the last ninety days. 16.48% of the stock is currently owned by insiders.

About Cricut

Cricut, Inc develops and sells connected cutting machines and related products for do-it-yourself crafting, personalization and small-scale creative production. Its systems are designed to cut, draw, score and apply materials such as paper, vinyl, fabric, leather and iron-on transfers, enabling users to create customized home décor, apparel, gifts and other projects.

The company’s product portfolio includes Cricut smart cutting machines, heat presses, specialized tools and a broad range of consumable materials.