Cricut (NASDAQ:CRCT) Shares Gap Down – Here’s Why

Cricut, Inc. (NASDAQ:CRCT)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $5.56, but opened at $5.44. Cricut shares last traded at $5.60, with a volume of 25,807 shares changing hands.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group lowered their price objective on Cricut from $6.50 to $5.75 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th.

Cricut Price Performance

The company has a market capitalization of $1.24 billion, a PE ratio of 20.07 and a beta of 0.03. The business has a 50-day moving average of $6.09 and a 200 day moving average of $6.09.

Cricut (NASDAQ:CRCT) last posted its 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 firm had revenue of $167.89 million during the quarter, compared to analysts’ expectations of $165.35 million. Cricut had a return on equity of 12.36% and a net margin of 8.47%. During the same quarter in the prior year, the firm posted $0.08 earnings per share. As a group, research analysts anticipate that Cricut, Inc. will post 0.28 EPS for the current year.

Cricut Dividend Announcement

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

Insider Buying and Selling

In other Cricut news, EVP Donald B. Olsen sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $5.23, for a total transaction of $156,900.00. Following the sale, the executive vice president now directly owns 625,833 shares of the company’s stock, valued at $3,273,106.59. The trade was a 4.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Arora Ashish sold 54,839 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $5.29, for a total value of $290,098.31. Following the transaction, the chief executive officer now directly owns 3,980,294 shares in the company, valued at approximately $21,055,755.26. This represents a 1.36 % decrease in their position. The disclosure for this sale can be found here. 18.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Barclays PLC grew its stake in shares of Cricut by 366.6% during the third quarter. Barclays PLC now owns 76,440 shares of the company’s stock valued at $529,000 after buying an additional 60,058 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Cricut by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,081,319 shares of the company’s stock valued at $7,495,000 after buying an additional 9,940 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Cricut during the third quarter valued at approximately $168,000. Tenzing Global Management LLC grew its stake in shares of Cricut by 4.9% during the third quarter. Tenzing Global Management LLC now owns 2,150,000 shares of the company’s stock valued at $14,900,000 after buying an additional 100,000 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Cricut by 3.2% during the third quarter. State Street Corp now owns 1,019,025 shares of the company’s stock valued at $7,062,000 after buying an additional 31,584 shares during the last quarter. Institutional investors own 19.60% of the company’s stock.

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.