Cricut, Inc. (NASDAQ:CRCT) Short Interest Up 6.6% in April

Cricut, Inc. (NASDAQ:CRCT) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 4,050,000 shares, an increase of 6.6% from the March 31st total of 3,800,000 shares. Based on an average daily volume of 842,200 shares, the days-to-cover ratio is presently 4.8 days. Approximately 9.7% of the shares of the stock are short sold.

Cricut Stock Up 0.8 %

Shares of Cricut stock opened at $5.36 on Thursday. Cricut has a 12 month low of $4.43 and a 12 month high of $17.89. The business has a fifty day simple moving average of $4.98 and a 200 day simple moving average of $6.14. The stock has a market cap of $1.16 billion, a PE ratio of 22.33 and a beta of 0.03.

Cricut (NASDAQ:CRCT) last posted its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.02). Cricut had a return on equity of 9.59% and a net margin of 7.01%. The company had revenue of $231.25 million for the quarter, compared to analyst estimates of $252.67 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. Cricut’s quarterly revenue was down 17.6% compared to the same quarter last year. Analysts expect that Cricut will post 0.25 EPS for the current fiscal year.

Insider Buying and Selling at Cricut

In related news, major shareholder Abdiel Capital Management, Llc sold 1,000,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $4.83, for a total transaction of $4,830,000.00. Following the transaction, the insider now owns 5,273,978 shares in the company, valued at approximately $25,473,313.74. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 18.02% of the company’s stock.

Institutional Investors Weigh In On Cricut

Several hedge funds have recently bought and sold shares of the company. Strs Ohio raised its stake in Cricut by 23.4% during the 3rd quarter. Strs Ohio now owns 32,200 shares of the company’s stock worth $299,000 after buying an additional 6,100 shares during the period. Quantbot Technologies LP bought a new position in Cricut during the 3rd quarter worth about $72,000. Vanguard Group Inc. grew its holdings in shares of Cricut by 4.4% during the third quarter. Vanguard Group Inc. now owns 3,200,781 shares of the company’s stock worth $29,735,000 after buying an additional 133,624 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Cricut by 2.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 189,053 shares of the company’s stock worth $1,756,000 after acquiring an additional 3,900 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Cricut in the 3rd quarter valued at $46,000. 19.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on CRCT shares. Barclays reduced their price objective on Cricut from $6.00 to $4.00 and set an “underweight” rating on the stock in a report on Thursday, March 7th. The Goldman Sachs Group cut their price target on Cricut from $7.00 to $5.75 and set a “neutral” rating on the stock in a research note on Wednesday, March 6th. Finally, Citigroup lowered their price objective on Cricut from $8.50 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, March 6th.

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.