Cricut (NASDAQ:CRCT) Posts Quarterly Earnings Results, Hits Expectations

Cricut (NASDAQ:CRCT) announced its quarterly earnings data on Tuesday. The company reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04, FiscalAI reports. The firm had revenue of $203.60 million for the quarter, compared to the consensus estimate of $202.22 million. Cricut had a net margin of 11.31% and a return on equity of 19.91%.

Cricut Price Performance

Shares of CRCT stock traded up $0.02 during trading on Tuesday, reaching $4.32. The company had a trading volume of 751,297 shares, compared to its average volume of 556,118. The firm’s 50 day simple moving average is $4.62 and its two-hundred day simple moving average is $5.18. Cricut has a one year low of $3.94 and a one year high of $7.33. The company has a market capitalization of $914.74 million, a PE ratio of 11.37 and a beta of 0.17.

Insider Transactions at Cricut

In other news, CEO Arora Ashish sold 60,000 shares of Cricut stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $4.42, for a total value of $265,200.00. Following the transaction, the chief executive officer owned 3,798,453 shares of the company’s stock, valued at $16,789,162.26. This trade represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 245,459 shares of company stock worth $1,171,898 over the last three months. 18.61% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CRCT. Vanguard Group Inc. lifted its position 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 last quarter. Geode Capital Management LLC lifted its position in shares of Cricut by 2.3% during 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 stake in Cricut by 51.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,379,155 shares of the company’s stock valued at $8,675,000 after purchasing an additional 467,934 shares during the period. State Street Corp grew its holdings in Cricut by 0.9% in the 4th quarter. State Street Corp now owns 1,220,292 shares of the company’s stock valued at $6,040,000 after buying an additional 11,170 shares during the last quarter. Finally, Millennium Management LLC increased its position in Cricut by 374.5% in the 4th quarter. Millennium Management LLC now owns 982,343 shares of the company’s stock worth $4,863,000 after buying an additional 775,330 shares during the period. 19.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of Cricut from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, January 27th. The Goldman Sachs Group cut their price target on Cricut from $3.50 to $3.00 and set a “sell” rating for the company in a research note on Wednesday, January 14th. Finally, Wall Street Zen cut Cricut from a “buy” rating to a “hold” rating in a research note on Saturday, November 29th. Four research analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Strong Sell” and a consensus target price of $3.60.

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.