Cricut (NASDAQ:CRCT) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Cricut (NASDAQ:CRCT) 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

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

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.

About Cricut

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.