Cricut (NASDAQ:CRCT) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS
Cricut (NASDAQ:CRCT) reported quarterly earnings of $0.10 EPS, surpassing estimates by $0.05. The company has a net margin of 10.09% and a return on equity of 16.49%. Despite the positive earnings, shares fell to $5.01, with a market cap of $1.06 billion. Insider trading saw CEO Ashish Arora sell 17,204 shares. Analysts have downgraded the stock, with a consensus rating of "Strong Sell" and a price target of $4.18. Institutional investors hold 19.60% of the stock, while insiders own 18.02%.
Cricut (NASDAQ:CRCT - Get Free Report) announced its earnings results on Tuesday. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.05 by $0.05, Zacks reports. Cricut had a net margin of 10.09% and a return on equity of 16.49%.
Cricut Price Performance
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Shares of NASDAQ:CRCT traded down $0.34 during mid-day trading on Tuesday, hitting $5.01. The company had a trading volume of 962,079 shares, compared to its average volume of 532,963. The firm has a fifty day moving average price of $5.86 and a 200 day moving average price of $5.82. The company has a market capitalization of $1.06 billion, a PE ratio of 15.18 and a beta of 0.17. Cricut has a one year low of $3.94 and a one year high of $7.33.
Insider Buying and Selling at Cricut
In other news, CEO Arora Ashish sold 17,204 shares of Cricut stock in a transaction on Friday, October 17th. The shares were sold at an average price of $5.27, for a total value of $90,665.08. Following the completion of the sale, the chief executive officer owned 2,668,146 shares in the company, valued at $14,061,129.42. The trade was a 0.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders have sold 337,826 shares of company stock valued at $1,972,877. Insiders own 18.02% of the company's stock.
Institutional Trading of Cricut
- Cricut Fails To Impress The Market And Shares Go On Sale
Hedge funds have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership increased its stake in shares of Cricut by 20.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 911,221 shares of the company's stock valued at $6,169,000 after acquiring an additional 157,448 shares in the last quarter. First Trust Advisors LP increased its stake in Cricut by 1.3% during the 2nd quarter. First Trust Advisors LP now owns 154,368 shares of the company's stock valued at $1,045,000 after purchasing an additional 1,977 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Cricut by 238.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 131,933 shares of the company's stock valued at $893,000 after purchasing an additional 93,002 shares in the last quarter. Jane Street Group LLC increased its stake in Cricut by 356.3% during the 2nd quarter. Jane Street Group LLC now owns 92,057 shares of the company's stock valued at $623,000 after purchasing an additional 71,881 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in Cricut by 15.8% during the 2nd quarter. Legal & General Group Plc now owns 59,246 shares of the company's stock valued at $401,000 after purchasing an additional 8,095 shares in the last quarter. Institutional investors own 19.60% of the company's stock.
Analysts Set New Price Targets
Several research firms have issued reports on CRCT. Wall Street Zen lowered shares of Cricut from a "buy" rating to a "hold" rating in a research report on Saturday, October 18th. Weiss Ratings restated a "hold (c)" rating on shares of Cricut in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group downgraded shares of Cricut from a "neutral" rating to a "sell" rating and reduced their price target for the company from $5.50 to $4.75 in a research note on Thursday, October 16th. One analyst has rated the stock with a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Cricut currently has a consensus rating of "Strong Sell" and a consensus price target of $4.18.
- Cricut Crafted Another Great Quarter
Read Our Latest Stock Analysis on CRCT
About Cricut
(Get Free Report)Cricut, Inc engages in the design, marketing, and distribution of a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates through three segments: Connected Machines, Subscriptions, and Accessories and Materials. The company offers connected machines, design apps, and accessories and materials for users to create personalized birthday cards, mugs, T-shirts, and large-scale interior decorations.
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