Cricut (NASDAQ:CRCT) Trading Down 3% – Here’s What Happened

Cricut, Inc. (NASDAQ:CRCT) was down 3% during mid-day trading on Friday . The company traded as low as $5.87 and last traded at $5.87. Approximately 111,866 shares were traded during trading, a decline of 83% from the average daily volume of 661,403 shares. The stock had previously closed at $6.05.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group cut their price target on Cricut from $6.50 to $5.75 and set a “neutral” rating for the company in a research note on Wednesday, November 6th.

Cricut Price Performance

The company’s fifty day moving average price is $5.95 and its 200 day moving average price is $6.06. The company has a market cap of $1.29 billion, a PE ratio of 21.43 and a beta of 0.03.

Cricut (NASDAQ:CRCT) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The business had revenue of $167.89 million for the quarter, compared to the consensus estimate of $165.35 million. Cricut had a return on equity of 12.36% and a net margin of 8.47%. During the same quarter last year, the business posted $0.08 earnings per share. On average, analysts forecast that Cricut, Inc. will post 0.28 EPS for the current year.

Cricut Dividend Announcement

The business also recently announced a None dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Tuesday, January 7th will be given a dividend of $0.50 per share. This represents a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, January 7th. Cricut’s dividend payout ratio is currently 71.43%.

Insider Buying and Selling

In other Cricut news, CEO Arora Ashish sold 21,250 shares of Cricut stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $6.00, for a total transaction of $127,500.00. Following the completion of the transaction, the chief executive officer now owns 3,844,590 shares of the company’s stock, valued at $23,067,540. The trade was a 0.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Donald B. Olsen sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $5.23, for a total transaction of $156,900.00. Following the completion of the transaction, the executive vice president now owns 625,833 shares of the company’s stock, valued at $3,273,106.59. This trade represents a 4.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 168,049 shares of company stock valued at $939,242. 18.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its position in Cricut by 252,185.7% in the second quarter. Nisa Investment Advisors LLC now owns 17,660 shares of the company’s stock valued at $106,000 after purchasing an additional 17,653 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Cricut by 9.7% in the second quarter. Bank of New York Mellon Corp now owns 215,099 shares of the company’s stock valued at $1,288,000 after acquiring an additional 18,939 shares during the period. Principal Financial Group Inc. raised its stake in shares of Cricut by 9.8% during the second quarter. Principal Financial Group Inc. now owns 33,899 shares of the company’s stock valued at $203,000 after acquiring an additional 3,034 shares during the last quarter. Rhumbline Advisers increased its holdings in Cricut by 5.8% during the 2nd quarter. Rhumbline Advisers now owns 62,092 shares of the company’s stock valued at $372,000 after purchasing an additional 3,397 shares during the period. Finally, Arizona State Retirement System raised its position in Cricut by 20.8% during the 2nd quarter. Arizona State Retirement System now owns 12,199 shares of the company’s stock valued at $73,000 after purchasing an additional 2,103 shares during the last quarter. 19.60% of the stock is currently owned by hedge funds and other institutional investors.

Cricut Company Profile

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.