Cricut (NASDAQ:CRCT) Shares Gap Up Following Strong Earnings

Cricut, Inc. (NASDAQ:CRCTGet Free Report) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $5.07, but opened at $5.39. Cricut shares last traded at $6.08, with a volume of 900,777 shares trading hands.

The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.03. The firm had revenue of $162.63 million during the quarter, compared to analyst estimates of $158.55 million. Cricut had a return on equity of 12.36% and a net margin of 8.47%.

Cricut Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, July 7th will be paid a dividend of $0.10 per share. This represents a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, July 7th. Cricut’s payout ratio is 68.97%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CRCT shares. Morgan Stanley dropped their price target on shares of Cricut from $3.90 to $3.80 and set an “underweight” rating on the stock in a research note on Thursday, March 6th. Citigroup restated a “sell” rating and set a $4.00 price target (down previously from $6.00) on shares of Cricut in a research report on Monday, April 14th.

Get Our Latest Stock Analysis on Cricut

Insider Activity at Cricut

In other Cricut news, CEO Arora Ashish sold 60,000 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $5.59, for a total value of $335,400.00. Following the completion of the sale, the chief executive officer now owns 3,391,635 shares in the company, valued at approximately $18,959,239.65. This represents a 1.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders sold 185,009 shares of company stock valued at $1,040,894. 18.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. R Squared Ltd purchased a new position in Cricut during the fourth quarter worth approximately $36,000. MQS Management LLC acquired a new position in shares of Cricut during the 1st quarter valued at about $59,000. Copeland Capital Management LLC purchased a new stake in shares of Cricut in the fourth quarter valued at about $63,000. Drive Wealth Management LLC acquired a new stake in Cricut during the fourth quarter worth about $64,000. Finally, Olympiad Research LP purchased a new position in Cricut during the fourth quarter worth about $67,000. 19.60% of the stock is currently owned by institutional investors and hedge funds.

Cricut Trading Up 5.2 %

The firm’s fifty day simple moving average is $5.05 and its two-hundred day simple moving average is $5.52. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of 22.91 and a beta of 0.01.

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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